Bitcoin (BTC) continues to face a tricky battle close to the psychological stage of $20,000 because the bulls and the bears try to say their supremacy. Buying and selling agency QCP Capital mentioned of their newest market round that funding charges on derivatives markets have been steady and bearish situations have been fading.

One other ray of hope for the Bitcoin bulls is that Bitcoin miners could also be capitulating because the latest decline within the worth has made some mining machines unprofitable. Information from Arcane Analysis reveals that public Bitcoin mining firms that had solely bought 30% of their mined manufacturing from January to April of this yr had dumped 100% of their Bitcoin manufacturing in Could. Some analysts consider that miners giving up was a bullish sign.

Each day cryptocurrency market efficiency. Supply: Coin360

Nevertheless, one metric means that Bitcoin might not have bottomed out. Traditionally, Bitcoin alerts a backside when lower than 50% of the Bitcoin addresses stay worthwhile. Glassnode information as of June 20 reveals that 56.2% of Bitcoin addresses are in revenue, rising issues of one other down leg.

May Bitcoin and the altcoins maintain the restoration or will bears pull the value decrease? Let’s examine the charts of the top-10 cryptocurrencies to search out out.