Key Bitcoin Signal That Preceded 330% Rally to $14,000 Flashes Again

As reported by CryptoNewsZ, “If you’ve been on Crypto Twitter, you’ve likely heard the term ‘miner capitulation’ time and time again in reference to Bitcoin.

“For those who have been living under a rock, Bitcoin’s drop which began earlier this year led the hash rate of the underlying network to flatline. This trend led the Hash Ribbons, an indicator tracking moving averages of Bitcoin’s hash rate, to see a bearish crossover, resulting in an event known as ‘miner capitulation.’

“The previous bearish crossover in the Hash Ribbons was last seen just before the now-infamous crash from $6,000 to $3,000 in late-2018. As such, when this signal appeared late last month, investors feared the worse, claiming that Bitcoin was about to fall off a cliff again.

“And so BTC did, tumbling from $8,200 at the time of the crossover as low of $6,400 just earlier this month.

“Though, the outlook for bulls is getting better, with miner capitulation now having ended, boding well for the future of the cryptocurrency market…”