Bitcoin (BTC) remains a fierce battle near the psychological level of $ 20,000 as the bulls and bears try to confirm their supremacy. Trading company QCP Capital said in its latest market circular that rates for financing on derivatives markets were stable and bearish conditions disappeared.

Another ray of hope for the Bitcoin bulls is that Bitcoin miners may capitulate because the recent drop in price has made some mining machines unprofitable. Data from Arcane Research shows that public Bitcoin mining companies, which sold only 30% of their mining production from January to April of this year, dumped 100% of their Bitcoin production in May. Some analysts believe that giving up miners was a bullish signal.

Daily performance of cryptocurrency market. Source: Munt360

However, one metric suggests that Bitcoin may not be down. Historically, Bitcoin signals a bottom if less than 50% of Bitcoin addresses remain profitable. Glassnode data from June 20 show that 56.2% of Bitcoin addresses are in profit, increasing the worries of another down leg.

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