Bitcoin (BTC) continues to face a tough battle near the psychological level of $20,000 as the bulls and the bears attempt to assert their supremacy. Trading firm QCP Capital said in their latest market circular that funding rates on derivatives markets were stable and bearish conditions were fading.
Another ray of hope for the Bitcoin bulls is that Bitcoin miners may be capitulating as the recent decline in the price has made some mining machines unprofitable. Data from Arcane Research shows that public Bitcoin mining companies that had only sold 30% of their mined production from January to April of this year had dumped 100% of their Bitcoin production in May. Some analysts believe that miners giving up was a bullish signal.
Daily cryptocurrency market performance. Source: