Hash Ribbon metric signals miner capitulation, possibly marking Bitcoin’s price bottom at roughly $56,500

As Bitcoin experiences yet another dramatic period following the recent halving, the Glassnode Hash Ribbon indicator has emerged as a crucial tool in discerning market bottoms by tracking miner behaviors. Essentially, this metric evaluates the 30-day and 60-day moving averages of the Bitcoin hash rate, identifying those pivotal moments when miners fold under financial pressures, signaling capitulation. Currently, with the hash rate dropping significantly—a phenomenon causing fewer active miners and sparking the largest difficulty drop since the FTX collapse—the big question looms: Are these shifts pointing towards an imminent market bottom, perfectly setting the stage for a potential new bull run?

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