Bitcoin experienced violent fluctuations at the beginning of the month due to the impact of President Trump's tariff policy, but the market has been relatively stable in recent days, continuing to fluctuate in the range of $95,000 to $100,000 and has not yet shown a clear trend. Hash Ribbon Indicator Suggests Bitcoin May Rebound However, according to cryptocurrency analyst bitcoindata21 who cited Glassnode data on the social platform X, Bitcoin miners may be pointing the way for a rebound in BTC prices. bitcoindata21 pointed out that the Bitcoin hash ribbon indicator shows that Bitcoin miners are currently facing a new capitulation phase, and Bitcoin may have hit bottom and a reversal is imminent:

The hash ribbon is a market indicator that when the cost of Bitcoin mining becomes disproportionately high relative to the cost of mining (miners will be forced to shut down their mining machines), miners will enter a capitulation phase, which often signals that Bitcoin has reached a bottom.

When the 30-day moving average hashrate line crosses above the 60-day moving average hashrate line, it indicates that the worst of the miner capitulation is over.

It is worth noting that miner capitulation is relatively rare and usually occurs on the eve of a long-term rise in Bitcoin. The last miner capitulation phase occurred in mid-October 2024, when Bitcoin was breaking through the historical high of the previous bull market, and within the following two months, Bitcoin ultimately reached a new all-time high of $108,000. Bitcoin Exchange Reserves Drop to 2.5 Million In addition, according to CoinGape, which disclosed on the social platform X yesterday (11th), the current Bitcoin balance on exchanges has dropped to 2.5 million, a new low in nearly three years:

Bitcoin exchange reserves have dropped to a new 3-year low of 2.5 million.

With increasing ETF demand, will the market face supply and demand tightness?

Note: The decrease in Bitcoin exchange reserves usually indicates that investors are more inclined to withdraw BTC from exchanges to their wallets for long-term holding, which corresponds to a long-term bullish attitude towards the coin price, so this indicator may suggest that Bitcoin will see an upward trend or rebound.