Bitcoin is currently under immense selling pressure, dropping below the crucial $60,000 support level to reach $57,875. QCP analysts have noted signals of miner capitulation, a historical marker indicating a potential market bottom. Past data shows hash rate drawdowns aligning with price bottoms, such as in 2022 when Bitcoin hit $17,000. Despite the general crypto market sell-off, optimism persists in the options market, with a focus on Ethereum call options for the coming months. Factors like liquidation clusters and potential approvals could reverse the downward trend. Total cryptocurrency liquidations have spiked in the last 24 hours, leading to a significant decrease in global market capitalization. Concerns about miner capitulation arise if prices fail to recover substantially in the near future.