Bitcoin Miners Signal Recovery After Difficult Period.

The difficult period for Bitcoin miners that began after the halving event in April may be nearing its end. The latest data from the hash ribbon indicator tracked by blockchain data analysis firm Glassnode signals a recovery after a multi-month capitulation period.

What's Happening on the Bitcoin Front?

These periods occur when the short-term

hashrate is relatively low, and the 30-day

moving average falls below the 60-day

counterpart, indicated by hash ribbons.

Throughout Bitcoin's history, such phases

were common even in bull markets, but inv

estors are most interested in the recovery of Bitcoin's price when these phases end.

The latest capitulation phase ended in August 2023, and after a brief drop to $25,000, the BTC/USD pair nearly doubled by the end of the year. According to Glassnode data, the mining hash rate exceeded 690 exahashes per second (EH/s) last week, reaching its highest levels since early June.