As a seasoned crypto investor with a keen eye on market trends, I can’t help but feel a sense of unease as Bitcoin dips below $60,000 yet again. The selling pressure is intense, and this time it seems different – QCP analysts are pointing to miner capitulation as a potential sign of a market bottom.
The fall of Bitcoin beneath the $59,000 mark signals significant selling pressure, according to QCP analysts. They propose that miner capitulation could be an indicator hinting towards the possible end of this downturn in the market.
Bitcoin (BTC) endures another harsh selling spell, falling beneath the vital $60,000 mark and reaching a low of $57,875. This decline signifies a substantial setback as BTC grapples to keep its ground amid market instability. In their latest report, QCP researchers note miner behavior exhibiting “signs of capitulation.” Historically, such actions have been linked to price bottoms.
As a seasoned crypto investor, I’ve observed that significant drawdowns in Bitcoin (BTC) hash rate have historically signaled a price bottom. For instance, the last comparable occurrence took place in 2022 when BTC was trading around $17,000.
QCP
As a researcher studying the crypto market, I’ve observed that despite the widespread sell-off, there’s an intriguing trend emerging in the options market. Analysts have pointed out that the sentiment is notably optimistic, with a significant tilt towards Ethereum call options for September and December expiries. This preference suggests a bullish stance on Ethereum, despite Bitcoin’s current struggles.
As an analyst, I’ve identified some elements that could potentially turn around the current downtrend for both Bitcoin and Ethereum. Notably, there are significant liquidation clusters situated at the top end for both cryptocurrencies. These clusters have the potential to initiate short squeezes, leading to price surges. Furthermore, the pending approval of S-1 forms for Ethereum is another prospective catalyst that could result in a sharp increase in ETH‘s value.
According to a previous report by crypto.news, the volume of cryptocurrency liquidations has significantly increased over the last day, leading to a notable drop in the total market capitalization. Data from Coinglass indicates that this surge in liquidations amounted to approximately $265 million within the past 24 hours, representing an increase of over 114%.
In a May interview with crypto.news, Julio Moreno, the head of research at CryptoQuant, expressed his belief that the cryptocurrency market could experience miner capitulation if prices fail to rebound substantially during the summer. He further pointed out that the average revenue per hash rate (hashprice) has been setting new lows since the latest halving event.
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2024-07-04 11:28