Bitcoin: Does miner capitulation finally have an end date in place

Bitcoin miners did see some relief as miners’ balance hit a four-year high on Glassnode. Well, for starters, the recovery across the BTC market could have aided the same. However, can August bring in more relief given the past relationship between miners and the crypto? Mending the past Miner capitulation remains a key indicator to […]

Looking at the hash ribbon metrics, the current miner capitulation episode began on 7 June. Obviously, it lasted a significant amount of time. According to Blockware, capitulation, as defined by hash ribbons, should be over as soon as the market recovers.The Bitcoin Hash Ribbon indicator tries to identify periods during which Bitcoin miners are in distress and may be capitulating.

Now the market seems to be recovering after Bitcoin surged to $23k. Furthermore, the network could see some relief as the Newsletter added, “If there are no new lows in Bitcoin, we should expect the miner capitulation to end in August or September at the latest.” In addition to this, mining difficulty is due for its first increase in two months on 4 August after three straight downward adjustments in a row. Mainly because the network is

this difficulty epoch. “Currently, it’s projected to be positive, and there is a high probability that it persists,” the blog asserted.

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