Price analysis 6/22: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, SHIB

189
SHARES
1.5k
VIEWS

Bitcoin (BTC) is facing an uphill battle near the psychological level of $20,000 as the bulls and bears attempt to assert their dominance. Trading firm QCP Capital said in its latest market circular that funding rates on derivatives markets were stable and bearish conditions were fading.

Another glimmer of hope for the bitcoin bull run is that bitcoin miners may capitulate as the recent price drop has left some miners unprofitable. Data from Arcane Research shows that public bitcoin mining companies that sold only 30% of their mining output from January to April this year dumped 100% of their bitcoin production in May. Some analysts believe that the loss of miners was a bullish signal.

Daily cryptocurrency market performance. Source: Coin360

However, one indicator suggests that bitcoin may not break out from the bottom. Historically, bitcoin signals a bottom when less than 50% of bitcoin addresses remain profitable. Glassnode data from June 20 shows that 56.2% of bitcoin addresses are in profit, raising concerns of another down leg.

Can Bitcoin and Altcoins Sustain the Recovery or Will the Bears Pull the Price Down? Let’s study the chart of the top-10 cryptocurrencies to find out.