Bitcoin Hash Ribbon miner capitulation nears end after three-month period, trades below $66,000 production cost

Bitcoin's Hash Ribbon indicator is nearing the end of a roughly three-month miner capitulation phase, one of the longest on record, Glassnode data show. A recovery signal will occur when the 30-day hash rate moving average crosses above the 60-day average, indicating miners returning online and easing network stress. Since the indicator reversed in November, Bitcoin has declined from about $90,000 to a low near $60,000 in early February before recovering to roughly $65,000. The Hash Ribbon compares 30-day and 60-day hash rate moving averages; miner capitulation occurs when mining revenue falls below operating costs, forcing inefficient miners to shut down and liquidate reserves, which reduces hash rate and increases selling pressure. Historically, such phases have coincided with market bottoms in January 2015, December 2018, and December 2022, while Bitcoin now trades below an estimated average production cost of $66,000, a level last seen in November 2022 when the price bottomed around $15,500.