Analyst: If Bitcoin cannot hold the current range, it will further test the "realized price" level around $54,000

Cryptocurrency market analyst Axel posted a report on social media stating that the current pullback of Bitcoin is significantly smaller than during the periods of 2017-18 (-64.3%) and 2021-22, and is closer to the moderate scenario of 2013-15. However, this does not confirm that a bottom has been formed. The current Bitcoin price is slightly above 1.25 times the realized price ($67,675), and the market is in a critical valuation range.

As long as this range can be maintained, or if the price can quickly recover after a brief drop below it, then the market structure remains neutral. If it continues to break below this support level, it is likely to drop to the range of $54,140 near the realized price, around $54,000 to $58,000.