The latest analysis from COINOTAG highlights a key trend among Bitcoin miners that may indicate a forthcoming price recovery for BTC. Recent data suggests that Bitcoin is exhibiting typical signs of a local bottom while miners are entering a troubling “capitulation” phase. This pivotal analysis focuses on the hash ribbon indicator, a critical tool traditionally utilized to forecast Bitcoin’s price movements at local lows. A scenario is deemed to be in capitulation when the 30-day moving average (MA) of the hash rate dips below the 60-day average, placing immense pressure on miners who are likely to suspend operations due to heightened costs. This phenomenon, while infrequent, has historically preceded significant long-term price surges for Bitcoin. The previous miner capitulation phase witnessed in mid-October 2024 led to BTC’s remarkable ascent from $73,800 to an impressive $108,000 within two months.
Source: https://en.coinotag.com/breakingnews/will-bitcoin-miners-capitulation-signal-a-price-rebound-for-btc/