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

Odaily Planet Daily News Bitcoin miners may be pointing the way for a long-term rebound in BTC prices. Data shows that Bitcoin is showing a typical local bottom signal as miners are facing a new stage of "capitulation." Analysis points out that Bitcoin's hash ribbon indicator is undergoing a "triggering" reversal. The hash ribbon is a well-known leading indicator that is often used to predict a reversal in BTC prices at local lows. When the 30-day moving average (MA) of computing power 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 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, after which BTC prices broke through the all-time high of $73,800 and soared to $108,000 in just two months. (Cointelegraph)