On-chain data suggests Bitcoin miner capitulation may have ended as the Hash Ribbons indicator printed a fresh "buy signal." This occurs when the 30-day moving average of hashrate crosses back above the 60-day average.
Capriole Investments founder Charles Edwards notes that this reverse crossover implies a return of conviction among miners. Historically, similar signals in 2021 and 2023 were followed by bullish price action. Bitcoin recently returned to the $94,100 level following this signal.
Keywords: Bitcoin News|bitcoin|bitcoin hash ribbons|Bitcoin hashrate|Bitcoin Miner Capitulation|bitcoin miners|btc|BTCUSDT