• One of longest mining capitulations nears end, signaling potential BTC price bottom Hash Ribbon recovery and sub production pricing suggest the worst of the bitcoin drawdown may have passed. • What to know: The Hash Ribbon is close to flashing a recovery signal after three months of miner stress, a pattern that has historically aligned with local or major bitcoin bottoms. • BTC is currently trading below its average production cost for the first time since November 2022, a level often associated with deep value and late stage capitulation. • The worst of bitcoin’s 50% drawdown may already be behind us. • The Hash Ribbon indicator is close to signaling the end of a three month miner capitulation. • One of the longest capitulations on record, according to Glassnode data.The metric compares the 30 day and 60 day moving averages of hash rate and is based on the observation that bitcoin often bottoms when miners are under maximum financial stress.

Article Summaries:

  • One of longest mining capitulations nears end, signaling potential BTC price bottom Hash Ribbon recovery and sub production pricing suggest the worst of the bitcoin drawdown may have passed. What to know: - The Hash Ribbon is close to flashing a recovery signal after three months of miner stress, a pattern that has historically aligned with local or major bitcoin bottoms. - BTC is currently trading below its average production cost for the first time since November 2022, a level often associated with deep value and late stage capitulation. The worst of bitcoin’s 50% drawdown may already be beh

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