Determining the market bottom requires a lot of guesswork. Bitcoin’s recent volatility has resulted from various factors ranging from geopolitical uncertainty and local regulation to internal implosions of the crypto market.
Miners have historically been one of the most reliable omens of Bitcoin’s performance.
Bitcoin miners make up the foundation of the crypto market and create strong resistance levels that reduce volatility. As one of the largest holders of BTC, miners can swing the market by holding their coins and liquidating them.
Analyzing the state of the market requires analyzing the state of Bitcoin miners.
As previously covered by CryptoSlate, some of the most solid indicators of miner health have been hash ribbons.
Hash ribbons indicate when miners capitulate, showing the divergence between the 30-day moving average and the 60-day moving average of the Bitcoin hash rate; having miners capitulate shows that Bitcoin has become too expensive to mine — i.e., Bitcoin’s ma
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