Miner capitulation may indicate a Bitcoin rally recovery! đ
đ The Hash Ribbons indicator has flashed an "optimal signal" to buy Bitcoin gold in the coming weeks, according to Charles Edwards, founder of Capriole Investments.
đ This signal arises when the 30-day moving average of the hash rate falls below the 60-day average, indicating miner capitulation that began two weeks ago.
đłïž Miner capitulation typically occurs annually and is linked to halving events, operational shutdowns, bankruptcies, or takeovers. The last such event happened in 2023 when Bitcoin was around $20,000.
đFrom a technical standpoint, Bitcoin is currently in a consolidation phase after hitting a peak. If a new growth impulse occurs, the medium-term target is $100,000. However, caution is advised as a monthly close below $58,000 could reverse the trend. đ§$ETH $ETH $SOL