VanEck: Bitcoin hashrate drop may signal price rebound

Signs of capitulation among Bitcoin miners could foreshadow a price rebound, according to a recent report from asset manager VanEck. Analysts Matt Sigel and Patrick Bush explained that the recent downward pressure on the BTC hashrate has historically often preceded price rallies. They described a potential virtuous cycle where a rise in BTC's price would improve miner profitability, encouraging the reactivation of mining rigs that had been shut down. The report noted that the recent hashrate decline followed the shutdown of approximately 1.3 GW of mining facilities in China, Cointelegraph reported.