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Bitcoin’s drop below $59,000 highlights heavy selling, with QCP analysts seeing miner capitulation as a potential sign of a market bottom. 
Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) is facing yet another day of intense selling pressure, dropping below the crucial $60,000 support level and hitting lows of $57,875 which marks a significant downturn as BTC struggles to maintain its footing amid market turbulence. In their recent research note, QCP analysts highlight that Bitcoin miners appear to be showing “signs of capitulation,” adding that this historical indicator is often associated with a price bottom. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “Historically this has been associated with a bottom in prices with the last comparable hash rate drawdown occurring in 2022 when BTC traded to $17,000.” 
 QCP 
</blockquote> 
Despite the broader sell-off in the crypto market, the analysts note that the options market remains optimistic, adding that the interest is “heavily skewed” towards Ethereum call options for September and December expiries, indicating a bullish sentiment for ETH even as BTC falters. 
 You might also like: <a href="https://crypto.news/these-countries-have-bitcoin-worth-billions-and-are-selling-up/"> These countries have Bitcoin worth billions… and are selling up </a> 
QCP analysts also identified several factors that could potentially reverse the current downtrend. Both Bitcoin and Ethereum have substantial liquidation clusters on the top side, which could trigger short squeezes and drive prices higher. Another potential catalyst is the impending <a href="https://crypto.news/expert-spot-ethereum-etf-to-drive-ether-demand/" target="_blank" rel="noreferrer noopener">approval of S-1 forms</a> that “may result in a hard bounce in ETH.” 
As crypto.news reported <a href="https://crypto.news/crypto-liquidations-doubled-as-market-cap-fell-to-2-month-low/" target="_blank" rel="noreferrer noopener">earlier</a>, the total amount of cryptocurrency liquidations has more than doubled over the past day, with the global market capitalization plunging to its two-month lows. Data from Coinglass shows that total crypto liquidations surged by 114% in the past 24 hours, reaching the $265 million mark. 
In a May <a href="https://crypto.news/miners-capitulation-looms-if-bitcoin-fails-to-recover-significantly-cryptoquant-says/" target="_blank" rel="noreferrer noopener">exclusive interview</a> with crypto.news, CryptoQuant head of research Julio Moreno noted that the market is “likely to see a miner capitulation if prices don’t recover significantly during the summer,” adding that the hashprice (average miner revenue per hash) is repeatedly “making new lows” following the latest halving. 
 Read more: <a href="https://crypto.news/bitcoins-halving-unlikely-to-affect-price-in-next-18-months-kaiko-says/"> Bitcoin’s halving unlikely to affect price in next 18 months, Kaiko says </a>

Bitcoin dips below $59k as miners show signs of capitulation

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