Hash Ribbons signal end of miner capitulation: CryptoQuant
On Aug. 11, Bitcoin miners recorded the lowest levels of daily revenue in 2024, highlighting the profit squeeze miners are experiencing.
The Bitcoin (BTC) Hash Ribbons indicator, a metric that uses 30-day and 60-day moving averages to measure difficulty and financial challenges for miners, has signaled the potential end of miner capitulation, according to data from CryptoQuant.
When the 30-day moving average of the indicator crosses over the 60-day moving average, this signals an end to miner capitulation, as miners shift to more efficient mining equipment and re-enter the market.
This often coincides with price bottoms for the scarce digital asset, according to the analytics firm, and offers an opportunity for investors to enter the market at a more advantageous price by carefully timing their entrance and buying the dip.
Go to Source
Author: Vince Quill
