The signal from the Hash Ribbon indicator shows that miners' capitulation has occurred but quickly reversed. Although the price of Bitcoin is adjusting, there are no signs of prolonged capitulation from miners.

In a bull market, capitulation can occur but usually only lasts after significant declines. Recently, the prolonged capitulation ended as the trend reversed and the price of Bitcoin started to rise again.

The Miner Position Index (MPI) is below 0, indicating no selling pressure from miners. The amount of Bitcoin held by miners is gradually decreasing, but the USD value is steadily increasing.

Miners continue to operate with confidence, holding less BTC but at a higher value, limiting sell-offs. They act with long-term conviction, indicating that the upward trend remains. Investors should patiently observe rather than panic.