Hash ribbons have just formed a death cross which has been a leading indicator for Bitcoin miner capitulation in previous cycles.

Hash Ribbon indicators use simple daily moving averages to identify changes in hash rate trends. They are often used as a long-term signal to indicate macro bottoms on the Bitcoin price chart.

A bearish cross is a signal of a strengthening downtrend which, in this instance, spells a reversal in hash rates which are still near their peak levels.

(By Martin Young)