Bitcoin Miners End Capitulation: Data Suggests Early Bull Market Stages
Bitcoin Miners Conclude Capitulation Phase
Data from an on-chain analysis firm suggests that Bitcoin (BTC) miners’ capitulation may be ending, signaling the onset of a potential bull market for Bitcoin. Currently trading at $60,456, with an approximate 2.8% increase in the last 24 hours, the overall market sentiment is turning positive. With miners no longer under severe pressure to sell, market conditions are becoming increasingly conducive to growth.
Early Signs of a Bull Run
CryptoQuant highlights the Hash Ribbons indicator, which tracks the 30 and 60-day moving averages of the Hash Rate. This tool has just signaled the end of miner capitulation, coinciding with the Hash Rate reaching a new peak of 638 exahash per second (EH/s). This development is significant as it marks the first such rebound since the Bitcoin halving, which reduced the block reward for miners to about 3,125 BTC, or roughly $185,000.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.