Bitcoin miners are facing a new phase of "capitulation", which may indicate that the market is nearing a bottom

Odaily News Bitcoin miners may be pointing the way for a long-term rebound in BTC prices. Data shows that Bitcoin is showing typical local bottom signals as miners are facing a new "capitulation" phase. Analysis points out that Bitcoin's hash ribbon indicator is undergoing a "trigger" reversal. The hash ribbon is a well-known leading indicator that is often used to predict reversals in BTC prices at local lows. When the 30-day hash rate moving average (MA) is below the 60-day MA, it means that miners are experiencing "capitulation" - "When the cost of Bitcoin mining is relatively too high, miners are forced to shut down their mining machines." This situation is relatively rare and often occurs before a long-term rise in BTC prices. The last miner capitulation period occurred in mid-October 2024, and the BTC price subsequently broke through the historical high of $73,800 and soared to $108,000 in just two months. (Cointelegraph)