• The Bitcoin (BTC) Hash Ribbon indicator signals that the worst of miner capitulation may be over.
• A switch from negative to positive price momentum is expected when the 30-day moving average (MA) crosses the 60-day MA.
• Bitcoin (BTC) holders had a tough year in 2022, with mining stocks falling over 80%, and mining company bankruptcies solidifying the bear market.
The past year has been a tough one for Bitcoin (BTC) holders, with the cryptocurrency’s price down 75% from its all-time high (ATH). Mining stocks fell over 80%, and mining company bankruptcies solidified the bear market. However, the worst of miner capitulation might be over, according to CryptoSlate analysis.
The Bitcoin (BTC) Hash Ribbon indicator signals that the worst of miner capitulation may be over. This indicator chart indicates that when the 30-day moving average (MA) crosses the 60-day MA — switching from light-red to dark-red areas — the worst of miner capitulation is over. When this paradigm shift occurs, a switch from negative to positive price momentum is expected, which historically reveals 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, signifying that miner capitulation is decreasing. This is a good sign for the future of the cryptocurrency, as it means that miners aren’t selling their coins at a rapid pace.
The Hash Ribbon indicator is suggestive that the worst of miner capitulation is almost over as BTC turns bullish and breaks out towards $19,000, according to Glassnode data in the chart above analyzed by CryptoSlate. As the indicator chart suggests, this could be a good time to buy BTC as the market bottom may have already passed.
In conclusion, the data is suggestive that the worst of miner capitulation is almost over. With the Hash Ribbon indicator signaling a switch from negative to positive price momentum, and the total supply of BTC held by miners decreasing, this could be a good time to invest in Bitcoin (BTC).
