{"id":631913,"date":"2024-07-28T08:19:19","date_gmt":"2024-07-28T08:19:19","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=631913"},"modified":"2024-07-28T08:19:19","modified_gmt":"2024-07-28T08:19:19","slug":"bitcoin-miner-capitulation-comes-to-an-end-time-to-buy-btc","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-miner-capitulation-comes-to-an-end-time-to-buy-btc\/","title":{"rendered":"Bitcoin Miner Capitulation Comes To An End – Time To Buy BTC?"},"content":{"rendered":"

Indeed, the Bitcoin price<\/a> has been on a hot streak in recent weeks, returning to its past heights most investors have become accustomed to. However, the past week was a somewhat quiet one for the premier cryptocurrency, as it was for most of the digital asset market.<\/span><\/p>\n

Interestingly, the latest on-chain insights suggest that the crypto market, specifically the Bitcoin market, might not be inactive for too long.\u00a0<\/span><\/p>\n

BTC Price Momentum Shifts To Positive – Impact On Price?<\/strong><\/h2>\n

In a recent post on the X platform, popular crypto pundit Ali Martinez revealed<\/a> that Bitcoin miner capitulation has seemingly come to an end. This on-chain observation is based on a shift in the Glassnode Hash Ribbon indicator, which measures BTC\u2019s hash rate.<\/span><\/p>\n

Related Reading: Analyst Predicts Solana Rise To $1,400 As Similarities With July 2021 Emerge<\/a><\/div>\n

Typically, the Hash Ribbon<\/a> features two moving averages; including the short-term (30-day) and long-term (60-day) hash rate. A cross of the short-term moving average below the long-term moving average implies miner capitulation, which is characterized by widespread sell-offs by miners.<\/span><\/p>\n

On the other hand, when the 60-day ribbon falls under the 30-day ribbon, it indicates the end of capitulation and the potential start of a recovery phase for the network. As shown in the chart below, this positive cross appears to be the current situation for Bitcoin, signaling an optimistic future for the flagship cryptocurrency.<\/span><\/p>\n

\"Bitcoin\"
A chart showing the BTC Hash Ribbon | Source: Ali_charts\/X<\/a><\/figcaption><\/figure>\n

Ultimately, this means that Bitcoin miners are returning to the network and restarting operations, as they become more profitable. From a historical standpoint, the end of miner capitulation<\/a> is a bullish sign, as it often precedes significant price leaps for the premier cryptocurrency. Martinez highlighted this in his post on X, saying \u201cthis could present good buying opportunities.\u201d<\/span><\/p>\n

Another indicator that supports this on-chain revelation is the Bitcoin Miner Profit\/Loss Sustainability metric, which measures how fair miner revenues are. According to the latest data from CryptoQuant<\/a>, the BTC miners have been making some profit over the past few days, putting them in the fairly paid region of the indicator.<\/span><\/p>\n

\"Bitcoin\"
Source: CryptoQuant<\/figcaption><\/figure>\n

Bitcoin Price At A Glance<\/strong><\/h2>\n

As of this writing, the price of Bitcoin stands at around $68,230, reflecting a mere 0.7% increase in the last 24 hours. As earlier inferred, the premier cryptocurrency had an uneventful week in terms of price action, dancing between the $64,000<\/a>\u00a0and $68,000 range.<\/span><\/p>\n

Related Reading: Crypto Backs Donald Trump: $4 Million War Chest In Bitcoin, XRP For Re-election<\/a><\/div>\n

According to data from CoinGecko, the BTC price increased by barely 1% in the past week. Nevertheless, the cryptocurrency retained its position as the largest digital asset in the sector, with a market capitalization of more than $1.33 trillion.<\/span><\/p>\n

\"Bitcoin\"
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView<\/a><\/figcaption><\/figure>\n
Featured image from iStock, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"

Indeed, the Bitcoin price has been on a hot streak in recent weeks, returning to its past heights most investors have become accustomed to. However, the past week was a somewhat quiet one for the premier cryptocurrency, as it was for most of the digital asset market. Interestingly, the latest on-chain insights suggest that the crypto market, specifically the Bitcoin market, might not be inactive for too long.\u00a0 BTC Price Momentum Shifts To Positive – Impact On Price? In a recent post on the X platform, popular crypto pundit Ali Martinez revealed that Bitcoin miner capitulation has seemingly come to an end. This on-chain observation is based on a shift in the Glassnode Hash Ribbon indicator, which measures BTC\u2019s hash rate. Related Reading: Analyst Predicts Solana Rise To $1,400 As Similarities With July 2021 Emerge Typically, the Hash Ribbon features two moving averages; including the short-term (30-day) and long-term (60-day) hash rate. A cross of the short-term moving average below the long-term moving average implies miner capitulation, which is characterized by widespread sell-offs by miners. On the other hand, when the 60-day ribbon falls under the 30-day ribbon, it indicates the end of capitulation and the potential start of a recovery phase for the network. As shown in the chart below, this positive cross appears to be the current situation for Bitcoin, signaling an optimistic future for the flagship cryptocurrency. Ultimately, this means that Bitcoin miners are returning to the network and restarting operations, as they become more profitable. From a historical standpoint, the end of miner capitulation is a bullish sign, as it often precedes significant price leaps for the premier cryptocurrency. Martinez highlighted this in his post on X, saying \u201cthis could present good buying opportunities.\u201d Another indicator that supports this on-chain revelation is the Bitcoin Miner Profit\/Loss Sustainability metric, which measures how fair miner revenues are. According to the latest data from CryptoQuant, the BTC miners have been making some profit over the past few days, putting them in the fairly paid region of the indicator. Bitcoin Price At A Glance As of this writing, the price of Bitcoin stands at around $68,230, reflecting a mere 0.7% increase in the last 24 hours. As earlier inferred, the premier cryptocurrency had an uneventful week in terms of price action, dancing between the $64,000\u00a0and $68,000 range. Related Reading: Crypto Backs Donald Trump: $4 Million War Chest In Bitcoin, XRP For Re-election According to data from CoinGecko, the BTC price increased by barely 1% in the past week. Nevertheless, the cryptocurrency retained its position as the largest digital asset in the sector, with a market capitalization of more than $1.33 trillion. Featured image from iStock, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":631917,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[87818,428,639,679,1119,78790,83531],"class_list":["post-631913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-ali-martinez","tag-bitcoin","tag-bitcoin-miners","tag-bitcoin-price","tag-btc","tag-btcusdt","tag-cryptoquant"],"acf":[],"yoast_head":"\nBitcoin Miner Capitulation Comes To An End; Time To Buy BTC?<\/title>\n<meta name=\"description\" content=\"Indeed, the Bitcoin price has been on a hot streak in recent weeks, returning to its past heights most investors have become accustomed to.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-miner-capitulation-comes-to-an-end-time-to-buy-btc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Miner Capitulation Comes To An End; 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Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. 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