What to know:
- The Hash Ribbon, that old miner’s compass, is about to whisper a recovery tune after three months of digital drought-a pattern as reliable as a coyote’s hunger for rabbits.
- BTC now trades below its average production cost, a price so low it’d make a gold prospector weep. Last seen in November 2022, when BTC nearly kissed the ground at $15,500.
The worst of BTC’s 50% plunge might be over, much like the worst of your ex’s texts after a breakup.
The Hash Ribbon, that weathered miner’s map, signals the end of a three-month capitulation longer than your last Netflix binge. Glassnode’s data says it’s one of the longest in history, a marathon of misery for miners.
This ribbon isn’t just fabric-it’s a barometer. When the 30-day hash rate moving average crosses above the 60-day, it’s like a farmer seeing the first green sprout after a dry spell. Miners, once shackled by costs, now breathe easier, their machines humming back to life. History says this moment is a golden ticket for buyers.
Since November, BTC has swung from $90,000 to a February low near $60,000, then back to $65,000. Corrections? Oh yes, they’re as welcome as a surprise tax audit. But since 2011, miners have thrown 20 such capitulation parties, each ending with a “bottom” as reliably as a clock strikes noon.
Hash rate, the network’s heartbeat, now ticks stronger, a sign miners are back in the saddle. Meanwhile, BTC’s price dips below $66,000, a level so cheap it’d make a Walmart greeter blush. Checkonchain says it’s “deep value,” but we all know “value” is just a fancy word for “desperation.”
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2026-02-25 14:26