๐ Bitcoin Miner Capitulation: A Key Indicator of Potential Price Bottoms
Recent data shows that Bitcoin miner capitulation has reached levels comparable to December 2022, with a significant 7.7% drop in hashrate.
This drawdown is reminiscent of the market conditions following the FTX collapse.
Historically, such steep declines in hashrate have often preceded potential price bottoms, suggesting a critical juncture for Bitcoin investors.
๐ Key Takeaways:
1.Current hashrate drawdown stands at -7.7%.
2.Similar conditions were observed during the market bottom after the FTX event.
3.Monitoring these metrics can provide valuable insights into potential market movements.
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