The hash rate reflects the “capitulation” state of miners, as the Hash Ribbons indicator shows the 30-day moving average hash rate is lower than the 60-day equivalent.
While this is usually considered a buy signal, Crypto Dan sees the process coming to an end. The market is digesting the sell-off and the amount of Bitcoin being sent out of wallets by miners has dropped rapidly.
“In other words, the selling pressure from miners is waning and if all of their selling volume is absorbed, it could create a situation where the rally could continue.”
