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 With the price of Bitcoin (BTC) reclaiming $22,000, many crypto traders are wondering whether the flagship digital asset has reached a bottom or is just experiencing a brief rebound.

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Using data from Arcane Research on public miners who sold Bitcoin monthly in 2022, economist and trader Alex Krüger discovered that the percentage of BTC production sold monthly in June far outnumbers previous months.

Notably, up to 15,000 BTC were sold in June, representing nearly a 400% share of monthly production. On July 17, Krüger wrote:

“Bitcoin miners panic sold large quantities in June. Another clear sign of capitulation.”

                                                      Public miners Bitcoin sold. Source: Arcane Research  

Three cryptocurrency companies have declared bankruptcy

Notably, MKT57 also stated on July 17 that the global crypto market capitalization increased by 8% in the previous 30 days despite industry bankruptcies. According to CoinMarketCap data, the global crypto market cap is currently $1.02 trillion, a 4.15 percent increase over the previous day.

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The fact that the market has continued to grow despite struggling lenders and falling currencies having a negative impact on the cryptocurrency sector may indicate a possible bottom, as the market has remained consistent in the last month despite the negative headlines.  

Rekt Capital, a leading cryptocurrency market analyst, added at the bottom:

"Typical Bitcoin bear market bottoms take months to form before a new macro uptrend begins." BTC has only been trading at current prices for a few weeks. 

History suggests that expecting a full-fledged macrotrend reversal so soon is premature.

Meanwhile, prominent crypto analyst Trader Tardigrade provided additional data to support the notion that Bitcoin has reached a bottom.Bottoms in Bitcoin prices, according to the trader, have traditionally been signaled by the simultaneous crossing of the fast and slow stochastic lines in the oversold zone

These have historically been the best monthly bars for accumulation. 

 Stochastic-triggered Accumulation Bar. Source: Trader Tardigrade

Finally, popular crypto trader and YouTuber CryptoYurii believes Bitcoin's price behavior is part of the Wyckoff setup, which could see BTC reach $30,000 by September 2022.   The setup is a technical indicator that suggests a bullish turnaround after significant downward movement.         

Bitcoin Wyoff Accumulation. Source: CryptoYurii                  

Disclaimer: The information on this website should not be construed as investment advice. Investing is a gamble. Your capital is at risk when you invest.