Bitcoin Miners are facing a new "Capitulation" phase, hinting at a possible price bottom.

On February 11th, Bitcoin miners might be indicating the direction of BTC's price rebound. The data shows that Bitcoin is presenting a typical local bottom signal as miners are entering a new "capitulation" phase. The analysis indicates that Bitcoin's hash ribbon indicator is undergoing a "triggered" reversal. The hash ribbon is a well-known leading indicator frequently used to predict the reversal of BTC's price at local lows. When the 30-day moving average (MA) of hash rate is lower than the 60-day average, it means that miners are experiencing "capitulation" - "When Bitcoin mining costs are relatively high, miners are compelled to shut down mining machines." This situation is infrequent and usually occurs before a long-term price increase in BTC. The last time a miner capitulation period took place was in mid-October 2024. After that, the BTC price broke through the historical high of $73,800 and soared to $108,000 in just two months.