Bitcoin Hash Rate Surges as Miner Capitulation Ends

• Bitcoin’s price outlook is uncertain due to conflicting signals.
• The end of miner capitulation and rising hash rate are positive signs.
• Increased exchange inflows and Ethereum ETFs pose potential risks.

Bitcoin’s price trajectory is caught in a tug-of-war between bullish and bearish forces, according to crypto analyst Willy Woo. Woo points to positive signals like the end of miner capitulation and a rebounding hash rate, but warns of potential headwinds from increased exchange inflows and the launch of Ethereum ETFs.

Miners capitulation is over, it's one of the most reliable bullish indicators.

Hash rate is recovering, the price and hash rate bottom coincided with upgrades to next gen hardware hitting the network.

M66s went live last week.

S21 Pros this week.

Hash rate set to scream. pic.twitter.com/By59bao5cN

— Willy Woo (@woonomic) July 23, 2024

Willy observed that the conclusion of miner capitulation is the initial bullish signal, often serving as a reliable indicator of favorable price movement. The recent rebound in Bitcoin’s hash rate, coinciding with the introduction of new hardware upgrades, further strengthens this optimism.

Recent activations of …

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