Quick Take The Hash Ribbon chart by Glassnode is a market indicator that identifies potential bottoms in Bitcoin’s price by analyzing miners’ behavior. Specifically, it suggests that Bitcoin reaches a bottom when miners capitulate, meaning mining becomes unprofitable relative to the costs. The key signal from the Hash Ribbon occurs when the 30-day moving average […]
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Bitcoin miner capitulation: 14 days in, compared to 41-day average over the past 5 years