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A look at on-chain indicators for Bitcoin (BTC), more specifically the Hash Ribbon and the Difficulty Ribbon Compression, in order to determine the health of the market from the miners’ perspective.

The Hash Ribbon moving averages (MA) have made a bullish cross, potentially suggesting that the period of miner capitulation has reached its end. The Difficulty Ribbon Compression has moved above 0.05, further confirming this possibility.

Hash Ribbon

The Hash rate measures the computing power that is contributed to the network by BTC miners. In order to mine a block, mining machines solve complex calculations. The higher the hash rate, the higher the number of such calculations done per second.

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