Bitcoin miner capitulation nears its end, potentially signaling a price bottom.

ChainCatcher report: According to market data, Glassnode indicators show that the Hash Ribbon is nearing the end of a three-month miner capitulation period—one of the longest in history. A recovery signal will be triggered when the 30-day hash rate moving average rises above the 60-day moving average, indicating that miners are returning online and network pressure is easing. Since this indicator first reversed last November, Bitcoin has declined from approximately $90,000 to a low of $60,000 in early February and has since rebounded to around $65,000. The Hash Ribbon is based on the comparison between the 30-day and 60-day moving averages of hash rate; miner capitulation occurs when mining revenue falls below operational costs, prompting inefficient miners to shut down and sell their Bitcoin reserves, thereby reducing hash rate and increasing market selling pressure. Historically, such capitulations have coincided with local or major bottoms, including January 2015, December 2018, and December 2022. Bitcoin is currently trading below the estimated average production cost of $66,000—the last time this occurred was in November 2022, when Bitcoin bottomed near $15,500.