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

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

Another silver lining for Bitcoin bulls is that Bitcoin miners may capitulate as the recent price drop has made some mining machines unprofitable. Data from Arcane Research shows that public bitcoin mining companies that only sold 30% of their mining production from January to April this year dumped 100% of their bitcoin production in May. Some analysts believe that the miners’ exit was a bullish signal.

Daily performance of the cryptocurrency market. Source: Coin360

However, one metric suggests that Bitcoin may not have bottomed out. Historically, Bitcoin signals a bottom when less than 50% of Bitcoin addresses remain profitable. Data from Glassnode as of June 20 shows that 56.2% of Bitcoin addresses are profitable, raising concerns of another drop.

Could Bitcoin and altcoins support the recovery or will the bears push the price down? Let’s study the charts of the top 10 cryptocurrencies to find out.