Bitcoin Miners Facing Capitulation: Hash Ribbon Signal Points to Potential Bottom

Recent data reveals that Bitcoin miners have entered a phase of extreme stress, signaling the potential for a significant price recovery. The Hash Ribbon indicator, used to track miner activity and profitability, flashed a historically significant signal in late November as hashrate declined significantly below its all-time high. This indicates many unprofitable operations are shutting down, potentially leading to selling pressure that could affect Bitcoin’s price.