The period of the most severe 50% decline in Bitcoin may be over. The Hash Ribbon indicator(Hash Ribbon) is approaching the end of a three-month-long miner capitulation signal, which is one of the longest in history. This indicator compares the 30-day and 60-day moving averages of the hash rate, indicating that network stress is easing as the hash rate rebounds. Bitcoin's current trading price is below its estimated average production cost of $66,000, and historically, such miner capitulation phases often coincide with market bottoms and rebounds.