Bitcoin Hash Ribbon Update - Capitulation Again?

[dragonvslinux]

As hash rate continues to consolidate, forming a sort of symmetrical triangle, the 30 and 60 MAs are getting closer to a bullish cross-over (recovery) as can be seen on the weekly chart

It's taken more than 2 months, but the MA30 is increasingly closer to "successfully" crossing the MA60 in order to confirm a recovery of hash rate and therefore a return to network growth:

Based on the current trajectory of hash rate's MAs, it seems a bullish cross-over could occur in the next week or two, if price is able to maintain above average cost of production.

While thinking this could still take a week or two, this recovery looks like it could occur in the coming days as average mining cost remains low below $20K, while price remains high above $24K, despite hash rate raw values continuing to consolidate. Given this capitulation has lasted for 10 weeks now, I'm not expecting this recovery or future buy signal to be a fake-out, as the capitulation and recovery has lasted long enough now.

[dragonvslinux]

It's taken more than 2 months, but the MA30 is increasingly closer to "successfully" crossing the MA60 in order to confirm a recovery of hash rate and therefore a return to network growth

This week price is signalling the end of miner capitulation and the beginning of hash rate recovery, for the first time since July 2021. While far from confirmed, it's about as hopeful as it get's.



Despite recent correction from $25K to $23K, average mining cost remains below $20K and therefore the MA30 continues to increase while the MA60 has fattened out, notably after 2 months of capitulation. Despite raw hash rate value currently consolidating at the lows, and therefore taking slightly longer for recovery to confirm, price maintaining above average mining costs is all that's required for continued network growth.



As a reminder, the buy signal is my final indicator required for confirming a bottom in the current Bitcoin bear market (current average: $22.3K).