Bitcoin miner capitulation: 14 days in, compared to 41-day average over the past 5 years

exchange68September 10, 2024

0 1 2 minutes read

The Hash Ribbon chart by Glassnode is a crucial market indicator for spotting potential Bitcoin price bottoms by analyzing miner behavior. It typically suggests a bottom when miners capitulate—making mining unprofitable relative to costs. The key signal? A crossover in the 30-day and 60-day moving averages of the hash rate, coinciding with a switch to positive price momentum. Currently, we are observing a 14-day miner capitulation, which is noteworthy because…

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