CoinDesk senior analyst James Van Straten points out that Bitcoin has experienced the longest miner capitulation in history. As the Hash Ribbon approaches a golden cross, multiple indicators suggest the market has entered a deep value zone, and the darkest decline may be over.
(Background: Michael Saylor: Bitcoin’s 45% retracement is like Apple’s “Valley of Despair”)
(Additional context: Female investor Cathie Wood: Bitcoin is “undoubtedly” superior to gold and has more structural advantages in the modern financial system)
After a three-month period of volatility and decline, Bitcoin (BTC) is showing key reversal signals. According to data from on-chain analytics firm Glassnode, cited by CoinDesk senior analyst James Van Straten, the Hash Ribbon indicator is recovering, indicating that the longest miner capitulation phase since November last year may be ending. Historical data shows that such signals often precede market bottoms.
Image source: James Van Straten
What is “Miner Capitulation” and Why Is It Related to Price Bottoms?
In the cryptocurrency market, “miner capitulation” occurs when mining revenues are insufficient to cover electricity and operational costs, forcing inefficient miners to shut down equipment and sell their Bitcoin holdings to stay afloat. This collective selling pressure often causes the network’s hash rate to temporarily decline.
The Hash Ribbon indicator tracks the 30-day and 60-day moving averages (MA) of hash rate to assess market stress. When the 30-day MA crosses above the 60-day MA, it signals miners are coming back online, easing network pressure. Over the past decade, such crossovers have accurately marked important market lows, including those at the end of 2018 and 2022.
Data Analysis: Price Has Fallen Below “Average Production Cost”
In addition to the hash rate indicator, another piece of evidence supporting a bottom is Bitcoin’s production cost. Van Straten cites data from checkonchain, indicating that Bitcoin’s current trading price (around $65,000–$66,000) is below the estimated average production cost of $66,000.
When Bitcoin’s price drops below production costs, the market is generally considered to be in a “deep value zone.” This phenomenon is rare; the last time it occurred was in November 2022, when Bitcoin hit a cycle low of $15,500. Currently, the price falling below the cost line will further shake out the last weak holders, completing the capitulation process.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
23.91% Plunge for KMD: What It Means for Traders
KMD has seen a significant decline, trading at $0.005324 after dropping 54.20% in 24 hours. Increased market activity and liquidation events in the derivatives market are contributing to the volatility, prompting traders to focus on risk management.
Coinfomania7m ago
MemeCore Price Volatility Explodes After Hardfork and Perp Listing Surge - BTC Hunts
The post MemeCore Price Volatility Explodes After Hardfork and Perp Listing Surge appeared first on Coinpedia Fintech News
MemeCore price just pulled off one of those blink-and-you-miss-it moves. A brutal 65% intraday surge sent the token flying from $1.70 to $2.80 only to slam straight into a
BTCHUNTS38m ago
The situation in the US-Iran war worsens, oil prices rise by 4%, and the surge in US Treasury yields impacts US stocks, causing them to fall.
Due to the worsening Middle East situation and soaring U.S. Treasury yields, concerns about inflation have intensified, causing the U.S. stock market to retreat and turning the sentiment cautious. Energy stocks rose against the trend, and crude oil prices broke through $100 per barrel, further fueling market panic. U.S. import prices experienced their largest increase since 2022, and postal services raised fuel surcharges, drawing attention to the consumer confidence index. The Federal Reserve chair succession process has stalled amid political disputes, and the cryptocurrency market remains flat as investors stay on the sidelines.
ChainNewsAbmedia2h ago
Crypto edges off of worst levels after Trump extends Iran strike pause
Bitcoin recovered after President Trump's announcement of a 10-day pause on attacks against Iran's energy infrastructure, helping stabilize markets following recent declines. Despite a volatile day, bitcoin is currently trading above $69,000, while other cryptocurrencies also saw some rebound.
CoinDesk3h ago
BTC 15-minute increase of 0.97%: Driven by active buying and ETF fund inflows pushing the market higher
On March 26, 2026, from 20:00 to 20:15 (UTC), the 15-minute spot Bitcoin (BTC) candlestick return was +0.97%, with a price range of 68,428.7 to 69,460.2 USDT and an amplitude of 1.51%. Trading volume during this period increased by 18% compared to the previous period, reaching approximately $120 million. Market attention significantly intensified, and short-term volatility increased.
The main driver of this movement was strong active buying in the spot market. Specifically, multiple large transfers of ≥1000 BTC appeared on-chain, with net inflows of BTC on major trading platforms totaling approximately 28.
GateNews4h ago
Solana Reclaims $90 as Golden Cross Signals Renewed Momentum
Solana has surpassed the $90 resistance, aided by a golden cross indicating positive momentum, despite low trading volume. Strong on-chain growth supports price stability, and sustained support above $89.50 could push Solana towards $96, though higher volume is crucial for confirming a breakout.
CryptoNewsLand4h ago
