#Bitcoin Hash Ribbons & Miner Capitulation 📉


📝 Recent red bars on the chart confirm active miner capitulation periods, triggered when the 30-day Hashrate SMA crosses below the 60-day. This points to significant miner stress.
📍 Though the latest capitulation phase appears to be ending, the hashrate lines remain closely converged. This indicates continued pressure and potential exit activity among $BTC miners.
💡 Historically, these capitulation phases often mark deep market markdown and accumulation zones. This period demands close observation for smart money entries.
BTC-1.12%
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