The analysis of the proprietary Bitcoin blockchain reveals that miners are starting to capitulate. The sooner this miner capitulation occurs, the sooner we can resume the bull run. Stay in the game.
With the recent decrease in Bitcoin's price and network hash rate, many miners are giving up. Following the recent halving, mining costs have risen while rewards have fallen, leading numerous miners to shut down their rigs. The Hash Ribbons index has issued a capitulation signal for miners. According to data from IntoTheBlock, Bitcoin miners have sold over 30,000 bitcoins (approximately $2 billion) since June, marking the fastest sale in more than a year.
In the last two days, Bitcoin has hovered near the critical weekly support level of $64,000, indicating its importance. While $63,500 served as weekend support, $64,000 has prompted a stronger price rebound. As the CME remains closed today and tomorrow, the weekly candle close above $64,000 could signal a price rise. However, a sudden drop to $62,000 followed by a rebound above $64,000 is also possible.
Key support: $64,000
Current resistance: $68,000
