[Analyst: Bitcoin Selling Pressure Intensifies, $54,000 May Be the Last Line of Defense for Bulls] CryptoQuant analyst Axel Adler Jr. stated in a post that Bitcoin is currently testing the February low of approximately $62,000. The 7-day net realized loss has reached $7 billion, surpassing the loss level during the February low but still below the winter capitulation peak of $14 billion. A key observation is that this time, selling pressure has intensified as the price approaches the bottom, rather than dissipating before reaching the bottom as it did previously. Bitcoin's price has fallen below the short-term holder cost basis of approximately $76,000. There are only two support levels remaining below: the overall network cost basis of approximately $54,000 and the long-term holder cost basis of approximately $49,000. As long as the price stays above $54,000, the market has not yet entered a full capitulation phase. Breaking below the February low will trigger a move toward the overall cost basis.