Bitcoin Markets Turning Bullish: Hash Ribbon Indicates Good Buying Opportunity

• The BTC Hash Ribbon indicator signals that the worst of miner capitulation may be over as the 30-day moving average (MA) crosses the 60-day MA.
• The switch from light-red to dark-red suggests a switch from negative to positive price momentum, indicating good buying opportunities.
• BTC price is up and breaking out towards $19,000, indicating that the worst of miner capitulation is almost over.

It has been a challenging year for Bitcoin (BTC) miners, with mining stocks dropping over 80% and mining company bankruptcies solidifying the bear market. However, it seems like the worst of miner capitulation may be over, according to CryptoSlate analysis. The BTC Hash Ribbon indicator signals that the worst of miner capitulation may be over as the 30-day moving average (MA) crosses the 60-day MA.

The Hash Ribbon chart, provided by Glassnode, indicates that when the 30-day MA crosses the 60-day MA, switching from light-red to dark-red areas, a switch from negative to positive price momentum is expected. This switch from negative to positive price momentum has historically revealed good buying opportunities (switching from dark-red back to white).

The total supply of BTC currently held in miner wallets has hit roughly 1.8 million BTC, indicating that the miner sell pressure is abating. This is further reinforced by the fact that the BTC price is up and breaking out towards $19,000. This suggests that the worst of miner capitulation is almost over.

While the Bitcoin market has been bearish in 2022, it may be at a turning point. The Hash Ribbon indicator signals that the worst of miner capitulation is almost over and that this is a good opportunity to buy BTC. The total supply of BTC held in miner wallets is also decreasing, indicating that the sell pressure is abating. All of this suggests that the Bitcoin market is turning bullish and that now may be the time to invest in BTC.