The Bitcoin (BTC) Hash Ribbons Indicator is often used to identify and understand BTC bottoms as the convergence of the BTC Hash Ribbons indicates further miner capitulation as mining costs increase and the BTC price falls. will be
With miners appearing to be selling at their most aggressive rates in the last two years, the Bitcoin network is set to adjust the difficulty down for the next epoch.
Minor capitulation has been going on for some time, but the convergence of this hash ribbon indicates that the end of this capitulation period is nearing, and historically, a change to the upside may be near. .
After the 30-day moving average crosses the 60-day moving average (MA), history shows that the next indicators confirming convergence are the 10-day and 20-day moving averages. Once they cross over, the miner’s surrender period usually ends.
As Bitsbetrippin highlighted on Twitter on November 21st, noticeable Bitcoin network lag has already been experienced as the BTC hash rate across the network started dropping by up to 25%.
who turned off #bitcoin #btc mining. The last bitcoin block he found was over 30 minutes ago. This is a 15-25% drop in the total Bitcoin hashrate across the network. Someone massive, or a few people turned off. pic.twitter.com/8OWLX7cRa0
— Bitsbetrippin (@BitsBeTrippin) November 21, 2022
The upcoming convergence of the post-BTC hash ribbon is a signal of miner capitulation and first appeared on CryptoSlate.