I wouldn't trust the Hash Ribbons indicator from LookIntoBitcoin. I'm not sure where they are getting their hash rate data from, but it's very different than the original indicator on trading view:
As you can see, LIB indicator shows a bullish crossover with the MA30 and MA60, indicating hash rate recovery. While the original indicator shows nothing of the sort. I've otherwise been documenting the ongoing "miner capitulation" for anyone interested. Currently the average mining cost is back below current price, so hash rate remains relatively stable.
The capitulation signal is therefore based on lack of growth, rather than hash rate decline. The buy signal would otherwise arrive with a MA bullish crossover, as well as price returning to $30K. The fact that miners have been heavily dumping their coins I otherwise find a good thing, to me it means they don't have a backlog of coins to sell for further capitulation right now.
Since you seem like an expert about BTC miners here, do you think the recent amount of heavy dump from miners has anything to do with the Ukraine-Russia war? Cause from what information I know, a lot of BTC mining farms were in Ukraine because of the cheap price of electricity. Then bam, the war forced those miners hastily sell their bags to bail out because of the disruption in business, have pay back loans. As you can see, LIB indicator shows a bullish crossover with the MA30 and MA60, indicating hash rate recovery. While the original indicator shows nothing of the sort. I've otherwise been documenting the ongoing "miner capitulation" for anyone interested. Currently the average mining cost is back below current price, so hash rate remains relatively stable.
The capitulation signal is therefore based on lack of growth, rather than hash rate decline. The buy signal would otherwise arrive with a MA bullish crossover, as well as price returning to $30K. The fact that miners have been heavily dumping their coins I otherwise find a good thing, to me it means they don't have a backlog of coins to sell for further capitulation right now.