PANews reported on February 11 that according to Cointelegraph, data shows that Bitcoin is showing signs of a classic local bottom as miners face a new round of "capitulation" phase. On February 10, the analysis account Bitcoindata21 pointed out the "trigger-type" reversal of the Bitcoin hash ribbon indicator in a cross post published on the X platform.

The Hash Ribbon is a widely known leading indicator used to predict reversals in Bitcoin’s price at local lows. When Bitcoin’s 30-day average hashrate falls below its 60-day average, miners are believed to be experiencing “capitulation” — or as Bitcoindata21 observes, “when the cost of mining Bitcoin becomes too high relative to the revenue from mining.”

Such events are rare and usually signal a long-term upward phase for the price of Bitcoin. The post explains: “When the 30-day moving average (30d MA) of hashrate crosses above the 60-day moving average (60d MA) (changing from the light red area to the dark red area), the Hash Ribbon indicator indicates that the worst phase of miner capitulation is over.” The last miner capitulation phase occurred in mid-October 2024, following which BTC/USD broke through its previous all-time high of $73,800 and reached $108,000 two months later.