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Bitcoin Tests $62,000 Support Level, 7-Day Net Realized Losses Hit $7 Billion

GateNews
Market AnalysisPrice Volatility
BTC-0.85%

According to CryptoQuant analyst Axel Adler Jr, Bitcoin is currently testing the $62,000 support level from February lows, with 7-day net realized losses reaching approximately $7 billion. BTC has broken below short-term holders' cost basis of $76,000, and further downside pressure may push the price toward key support zones.

The network's average realized price stands at approximately $54,000, with long-term holders' cost basis near $49,000. These levels have historically corresponded to capitulation phases and cycle bottoms in previous market cycles.

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