According to Odaily Planet Daily, the Bitcoin hash ribbons indicator tracked by Glassnode is recovering from a period of "capitulation" that lasted for several months. This period occurs when the recent computing power is relatively low, and the hash ribbon shows that the 30-day moving average is below the 60-day moving average.

The last capitulation phase ended in August 2023, after which BTC/USD almost doubled by the end of the year after a brief drop to $25,000. Data shows that last week the Bitcoin network mining power reached its highest level since early June, exceeding 690 EH/s.