According to the Hash Ribbons indicator, Bitcoin may have hit a local bottom, suggesting a potential rebound. The indicator looks at the hash rate moving averages to identify phases of miner capitulation, where miners sell their Bitcoin holdings due to rising mining costs or falling asset prices. The recent miner capitulation aligns with a new mining difficulty record, indicating better network security and health. Bitcoin is currently trading near $97,500 and positive on-chain metrics could push it towards the $100,000 mark.



Other News from Today