According to Odaily, the Bitcoin hash ribbons indicator tracked by Glassnode is showing signs of recovery after several months of a 'capitulation' period. This period occurs when the hash rate is relatively low, indicated by the 30-day moving average falling below the 60-day moving average. The last capitulation phase ended in August 2023, after which BTC/USD nearly doubled by the end of the year following a brief dip to $25,000. Data reveals that Bitcoin network mining hash rate reached its highest level since early June last week, surpassing 690 EH/s.