Price analysis 6/22: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, SHIB

cointelegraph.com:

Bitcoin (BTC) continues to face a tough battle near the psychological level of $20,000 as the bulls and the bears attempt to assert their supremacy. Trading firm QCP Capital said in their latest market circular that funding rates on derivatives markets were stable and bearish conditions were fading.

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

However, one metric suggests that Bitcoin may not have bottomed out. Historically, Bitcoin signals a bottom when less than 50% of the Bitcoin addresses remain profitable. Glassnode data as of June 20 shows that 56.2% of Bitcoin addresses are in profit, increasing concerns of another down leg.

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

The bulls are attempting to start a recovery in Bitcoin but the long wick on the June 21 candlestick suggests that bears are not willing to surrender their advantage.

A minor positive is that the bulls are buying the dips to $20,000 on June 22. If the price rebounds off the current level, the buyers will try to drive the BTC/USDT pair above $22,000. That could open the doors for a possible rally to the 20-day exponential moving average (EMA)($24,076).

This level is likely to act as a stiff resistance but if bulls overcome this barrier, the next stop could be the