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Bitcoin miner capitulation: 14 days in, compared to 41-day average over the past 5 years

May 29, 2024
in Crypto Exchanges
Reading Time: 2 mins read
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Fast Take

The Hash Ribbon chart by Glassnode is a market indicator that identifies potential bottoms in Bitcoin’s worth by analyzing miners’ conduct. Particularly, it means that Bitcoin reaches a backside when miners capitulate, which means mining turns into unprofitable relative to the prices. The important thing sign from the Hash Ribbon happens when the 30-day transferring common (MA) of the hash fee crosses above the 60-day MA, transitioning from gentle crimson to darkish crimson areas on the indicator. When this crossover coincides with a swap from detrimental to optimistic worth momentum (darkish crimson to white), it traditionally signifies good shopping for alternatives.

Hash Ribbon: (Supply: Glassnode)

At present, CryptoSlate is monitoring a 14-day miner capitulation. To place this into perspective, the typical length of miner capitulations over the previous 5 years is roughly 41 days, equal to about three issue changes (every adjustment spans roughly 14 days or 2016 blocks). A protracted miner capitulation occurred in Might 2021 following China’s mining ban, which halved the worldwide hash fee and took months to get better.

Hash Rate: (Source: Glassnode)
Hash Charge: (Supply: Glassnode)

Given the effectiveness of the Hash Ribbon in figuring out Bitcoin bottoms, the continuing uneven worth motion could current a good shopping for alternative.

Begin Date
Length (days)

2019-11-20
31

2020-03-19
37

2020-05-25
29

2020-10-28
35

2021-05-19
81

2022-06-09
70

2022-11-27
49

2023-07-16
27

2024-05-14
14

Common
41.44

Supply: Glassnode

The put up Bitcoin miner capitulation: 14 days in, in comparison with 41-day common over the previous 5 years appeared first on CryptoSlate.



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Tags: 41dayAverageBitcoincapitulationcomparedDaysMineryears
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