Analysis: Miner capitulation ending, suggesting BTC bottom is near

The Bitcoin miner capitulation phase is entering its final stages, raising the possibility of a price bottom, CoinDesk reported. The Hash Ribbon indicator is reportedly on the verge of signaling an end to a roughly three-month period of miner stress. Bitcoin's price fell from approximately $90,000 last November to around $60,000 this February. The analysis suggests that with the current price trading below the average production cost of about $66,000, the market is in an undervalued phase similar to the bottom formation seen in November 2022.