The bearish crossover in the Hash Ribbons was last seen just before the now-infamous crash from $6,000 to $3,000 in late-2018.<\/a> So, when this signal flashed last month, investors feared the worse, claiming that Bitcoin was about to fall off a cliff again.<\/p>\n And it did. Kinda. Since the Hash Ribbons crossed, the cryptocurrency has collapsed from $8,200 to as low as $6,400.<\/p>\n Though, it seems as though the era of miner capitulation is over, marking a huge boost for bulls in the medium to long-term outlook.<\/p>\n According to a custom “miner capitulation” indicator on TradingView, “recovery,” meaning the end of the miner capitulation phase, has just started on the one-day Bitcoin chart. This marks an end to the month-long miner capitulation that has plagued investors over recent weeks.<\/p>\n The reversal of the miner capitulation comes on the back of cryptocurrency data sites registering that the Bitcoin network’s hash rate recently hit an all-time high, seemingly reverting the capitulation that was taking place.<\/p>\n It's good to see hashrate pushing back to all time highs here for the health of Bitcoin's network pic.twitter.com\/kSwLK5IH75<\/a><\/p>\n — \/\/Bitcoin \ud835\udd75ack \ud83d\udc10 (@BTC_JackSparrow) December 22, 2019<\/a><\/p><\/blockquote>\nBitcoin Miner Capitulation Over?<\/strong><\/h2>\n
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