I noticed an interesting signal on the Bitcoin mining chart. It seems we are entering a new phase where less efficient miners are starting to shut down equipment due to unprofitability. When network difficulty drops after such a reduction, it usually indicates that the market is preparing for a recovery.

Here's what's interesting: the Hash Ribbon indicator specifically shows this transition phase. When hash rate decreases and then recovers, it has historically coincided with an increase in BTC price. Currently, Bitcoin is holding around 74,000, and if miners are indeed reducing production, we could be on the verge of a new growth phase.

Of course, this isn't a guarantee, but the pattern has stood the test of time. In every cycle, when unprofitable players exit the game, only those who can survive at low prices remain. And usually, after such a cleansing, the next bullish market phase begins. It's worth paying closer attention to this indicator.