⛏ $BTC Hash Ribbons signals the end of miner capitulation

Hash Ribbons are a popular indicator that highlights periods of stress in the mining market. It uses the 30 and 60-day moving averages of the Hash Rate and has just signaled the end of miner capitulation.

This is logical given that the Hash Rate has just reached a new all-time high of 638 EH/s. Miners are beginning to use more efficient equipment, turning their machines back on and becoming less likely to sell.

It's the first time this has happened since the halving, when the block reward for miners was reduced to 3,125 BTC (~$185k), making it a significant and healthy signal.

Although the indicator isn't meant to pinpoint the exact price bottom, it often precedes higher prices by signaling a reduction in selling pressure from miners.