Fast Take
The Hash Ribbon, a market indicator outlined by Glassnode, operates on the idea that Bitcoin tends to backside out when miners capitulate, which occurs when the price of mining Bitcoin exceeds the potential return.
The Hash Ribbon traditionally indicators the top of the miner capitulation section when the 30-day shifting common (MA) of the hash price surpasses the 60-day MA, reworking from mild pink to darkish pink areas on the beneath chart. This metric, coupled with a shift in worth momentum from unfavourable to optimistic, has traditionally indicated promising shopping for alternatives, as represented by the transition from darkish pink to white.
For the primary time because the FTX collapse, the ribbon has inverted, marked by an 8% drop within the hash price inside a span of some days. Curiously, patterns of miner capitulation have been recurrent each summer season, doubtlessly resulting from the next electrical energy value throughout these months.
Traditionally, cases of miner capitulation have been seen in June 2020, Might 2021, June 2022, and most just lately in July 2023. On common, these capitulation durations span one to 2 months.
The publish Summer time sparks Bitcoin miner capitulation: a recurrent seasonal development appeared first on CryptoSlate.
