Bitcoin (BTC) Price Momentum Shifts To Positive – Impact On Price?

Indeed, the Bitcoin price has been on a hot streak in recent weeks, returning to its past heights most investors have become accustomed to.

Bitcoin price movements have been closely watched by investors, and recent on-chain insights offer valuable perspectives on the cryptocurrency's future trajectory.

According to crypto pundit Ali Martinez, a recent post on the X platform highlights the end of Bitcoin miner capitulation, based on a shift in the Glassnode Hash Ribbon indicator. This indicator measures BTC's hash rate through two moving averages - the 30-day (short-term) and 60-day (long-term) hash rate.

Typically, a cross of the short-term moving average below the long-term moving average signifies miner capitulation, characterized by widespread sell-offs by miners. However, when the 60-day ribbon falls under the 30-day ribbon, it indicates the end of capitulation and the potential start of a recovery phase for the network.

As evident in the chart below, this positive cross appears to be the current situation for Bitcoin, signaling an optimistic future for the flagship cryptocurrency.

This observation suggests that Bitcoin miners are returning to the network and restarting operations, as they become more profitable. Historically, the end of miner capitulation is a bullish sign, as it often precedes significant price leaps for the premier cryptocurrency. As Martinez concludes in his post on X, “this could present good buying opportunities.”

Another indicator that supports this on-chain revelation is the Bitcoin Miner Profit/Loss Sustainability metric, which measures how fair miner revenues are. According to the latest data from CryptoQuant, the BTC miners have been making some profit over the past few days, placing them in the fairly paid region of the indicator.

At the time of writing, the price of Bitcoin stands at around $68,230, reflecting a mere 0.7% increase in the last 24 hours. As earlier inferred, the premier cryptocurrency had an uneventful week in terms of price action, dancing between the $64,000 and $68,000 range.

According to data from CoinGecko, the BTC price increased by barely 1% in the past week. Nevertheless, the cryptocurrency retained its position as the largest digital asset in the sector, with a market capitalization of more than $1.33 trillion.

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