CryptoQuant: Bitcoin miners are showing signs of capitulation

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CryptoQuant reports that Bitcoin miners are showing signs of capitulation as miners' daily revenue drops from $79 million on March 6 to $29 million today, with the current capitulation level comparable to the market bottom after the FTX crash in 2022. Since the halving, computing power has fallen by 7.7%, and miners shutting down equipment has caused the hash rate to approach an all-time low. CryptoQuant expects that as selling pressure eases, Bitcoin may rebound again from the current $60,300 support level and move back towards the $70,000 level. (CoinDesk)

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