Bitcoin Bottom Is Near as Miners Capitulating Near FTX Implosion Level: CryptoQuant
Bitcoin miners are showing signs of capitulation after the cryptocurrency's value fell by 13% over the past month. Bitcoin is currently trading at $60,300, a level that has served as a critical support since April. Data provider CryptoQuant predicts a similar bounce back towards the $70,000 mark due to signs of capitulation following intense sell pressure. Indicators of miner capitulation include a significant decrease in hashrate and mining revenue by hash (hashprice), with the hashrate falling by 7.7% this month and hashprice nearing record lows. Miners' daily revenue has also dropped from $79 million on March 6 to $29 million, leading to a decrease in hashrate as miners turn off equipment. This decline in daily revenues is attributed to the halving and a drop in transaction fees to 3.2% of total revenue. Current miner capitulation levels are similar to those in December 2022, which marked the market bottom after the fall of FTX.
