**[Analysis: Bitcoin Miner Capitulation Period Nears End, May Signal Bitcoin Price Bottom]** According to a report by CoinDesk, Glassnode data shows that the hash ribbons indicator is nearing the end of a three-month miner capitulation period, one of the longest in history. A recovery signal will be triggered when the 30-day moving average of hash rate rises above the 60-day moving average, indicating that miners are coming back online and network stress is easing. Since the first reversal of this indicator in November last year, Bitcoin has dropped from around $90,000 to a low of $60,000 in early February, and has now rebounded to approximately $65,000. The hash ribbons indicator compares the 30-day and 60-day moving averages of hash rate. Miner capitulation occurs when mining revenue falls below operating costs, causing inefficient miners to shut down and sell off their Bitcoin reserves, leading to a decline in hash rate and increased market selling pressure. Historically, such capitulation events have often coincided with local or major bottoms, including January 2015, December 2018, and December 2022. Currently, Bitcoin is trading below the estimated average production cost of $66,000. The last time this occurred was in November 2022, when Bitcoin bottomed near $15,500.