Bitcoin Hash Ribbon Indicates End of Miner Capitulation: Buying Opportunity!

• The Bitcoin (BTC) Hash Ribbon indicator suggests that miner capitulation could be over.
• BTC price has dropped 75% from its all-time high, with miners increasing efforts to remain profitable in the energy crisis.
• The Hash Ribbon indicator suggests that a switch from negative to positive price momentum is expected, offering good buying opportunities.

The Bitcoin (BTC) market has been through a rough patch in the past year, with BTC price dropping 75% from its all-time high (ATH). To remain profitable in the energy crisis, miners had to increase their efforts, resulting in an all-time high hash rate. This led to the market experiencing miner capitulation, which could be coming to an end.

According to CryptoSlate’s analysis of Glassnode data, the Hash Ribbon indicator suggests that the worst of miner capitulation is almost over as BTC turns bullish and breaks out towards $19,000. The Hash Ribbon indicator chart indicates that the worst of miner capitulation is over when the 30-day moving average (MA) crosses the 60-day MA — switching from light-red to dark-red areas. When this paradigm shift occurs, it is expected to lead to a switch from negative to positive price momentum, offering good buying opportunities (switching from dark-red back to white).

The total supply of BTC currently held in miner wallets has hit roughly 1.8 million BTC, a decrease of almost 30% from the December 2020 peak. This suggests that miners are no longer selling their BTC as a response to the bear market, and as a result, sell pressure from miners is abating.

These indicators suggest that the worst of miner capitulation is over and that the market is ready to turn bullish again. This could be a great opportunity for investors to get back in the market and take advantage of the potential upside. With the hash rate increasing and miners holding onto their BTC, it seems like the market could be turning bullish once again.