Bitcoin mining difficulty hits a record high, miners capitulate, is a market reversal imminent?
Bitcoin mining difficulty has been adjusted to 114.7T, reaching an all-time high with a single adjustment increase of 5.61%. Meanwhile, the Hash Ribbon indicator has triggered a miner capitulation signal, which usually means the market may be nearing a local bottom.
Looking back at history, every time miners capitulate, market sentiment plunges into extreme panic, and this phase often serves as a critical window for price bottoming. This month, Bitcoin has already dropped over 4%, and the market is waiting for a directional choice.
But this time, the market landscape has changed. In the past, miners were the core drivers of Bitcoin's price; now, institutions have become the dominant force in the market. While miners are selling at a loss, institutions may have already been quietly positioning themselves.
