TechFlow reported, according to Coindesk, the Bitcoin miner capitulation indicator is approaching market bottom levels seen after the FTX collapse. Data from CryptoQuant shows daily miner revenue has dropped from $79 million earlier this year to $29 million, while hashrate has declined 7.7% since the halving. Bitcoin is currently trading at $60,300, down 13% over the past 30 days. CryptoQuant believes the market may rebound toward $70,000 as selling pressure intensifies. The significant decline in daily miner revenue and hashrate indicates miners are facing severe challenges.
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