The post Bitcoin Mining Data Mirroring FTX Collapse Suggests Potential Local Bottom appeared on BitcoinEthereumNews.com.

Recent Bitcoin (BTC) miner data indicates similarities to the FTX collapse, potentially hinting at a local bottom. Julio Moreno, Research Director at on-chain analytics platform CryptoQuant, has scrutinized the current status of Bitcoin miners. Moreno noted a 7.6% decline in Bitcoin miner capitulation, pointing towards intense sell-offs. Discover the latest insights into Bitcoin miner activities and the potential implications for BTC’s market position in our detailed analysis. Examining Recent Bitcoin Miner Activity: A Potential Local Bottom? The examination of Bitcoin miner activity reveals a noteworthy development: a 7.6% decline in miner capitulation. According to Julio Moreno of CryptoQuant, this intense sell-off among miners could be indicative of a local bottom for Bitcoin. The statistical correlation of this drop with past market behaviors has the attention of investors and analysts alike. Historical Precedents: Echoes of the FTX Collapse In December 2022, during the aftermath of the FTX collapse, Bitcoin saw a mirrored 7.6% drop in miner capitulation, marking its cycle bottom. Moreno’s analysis suggests that this historical precedent might repeat, indicating that the current level near $60,000 could represent a temporary floor for BTC prices. Conclusion The current decline in Bitcoin miner capitulation shares significant similarities with patterns observed during the FTX collapse, hinting at a potential local bottom for Bitcoin. Investors and traders should carefully monitor these trends as they could offer valuable insights into BTC’s market trajectory. Don’t forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news. Source: https://en.coinotag.com/bitcoin-mining-data-mirroring-ftx-collapse-suggests-potential-local-bottom/

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Filed under: News - @ June 29, 2024 3:16 pm