Bitcoin Miner Capitulation Continues: Hash Ribbons Yet To Cross Back
Summary
Bitcoin Hash Ribbons indicate ongoing miner capitulation due to declining hashrate. This reflects miners disconnecting from the network, likely due to unprofitability after the Halving event. The Hash Ribbons, based on 30-day and 60-day moving averages, show a trend of miner capitulation since May. This impacts Bitcoin's network and may continue until miners find relief. Bitcoin is currently trading at around $56,200, down more than 10% in the last seven days.
