Bitcoin (BTC) Price Nears Bottom as Miners Capitulate Near FTX Implosion Level: CryptoQuant

Bitcoin (BTC) miners are showing signs of capitulation, an event typically associated with a market bottom after the world's largest cryptocurrency suffered a 13% drop over the past 30 days.

Bitcoin is currently trading at $60,300 after falling 3% on Wednesday. This level has acted as critical support since April, with bitcoin bouncing off this area three times before returning towards the $70,000 mark.

Two signs of miner capitulation are the decline in hash rate and mining revenue per hash (hashprice), both down significantly this month, with hash rate down 7.7% since the halving, and hash price nearing all-time lows. Hash rate is the mining power of the Bitcoin network, and hash price refers to the revenue miners earn from a unit of hash rate.

Miners are also experiencing a drop in their daily revenue, which has fallen to $29 million today, down from $79 million on March 6. This has led to miners turning off their equipment and the subsequent drop in hash rate.

“Miners were hit by a 63% drop in daily revenue due to the halving and transaction fees collapsing to 3.2% of total revenue,” CryptoQuant said in a report.

Miner capitulation levels are now comparable to December 2022, which was the market low after FTX's demise.