Bitcoin, multiple indicators turn bullish — what the end of miner surrender means

Currently, in the Bitcoin market, while trading around the $87.65K level, significant changes are occurring simultaneously that warrant attention. All on-chain indicators, market sentiment indices, and technical patterns are beginning to suggest a shift towards a bullish outlook. At the core of these combined signals is the concept of “Miner Surrender.” Surrender refers to the phase where miners face unprofitability and rapidly sell off their holdings, but the indication of its end could signal an important turning point for the entire market.

Turning Point Seen from On-Chain Data — The End of Miner Surrender Phase

The Hash Ribbons indicator, which tracks the network’s core mining activity, is issuing a very important signal. This indicator captures the transition from a “surrender phase,” where the 30-day moving average of hash rate falls below the 60-day moving average, to a “recovery phase,” where it rises again. This suggests that the phase of miner selling (surrender) is ending, and the transition to a hash rate recovery phase is beginning.

According to analysis by Capriole Investments, the current price range is approaching the “long-term asset allocation zone.” On-Chain Mind also supports this, commenting, “It is one of the most powerful Hash Ribbons signals recorded and suggests that forced selling pressure is decreasing.” In other words, the reduction in selling pressure that has been weighing on the entire market has been confirmed through objective on-chain data.

Structural Improvement in Market Sentiment — Signals from the Fear & Greed Index

There is also clear structural improvement in the market psychology as indicated by the Fear & Greed Index. According to CryptoQuant data, a “Golden Cross” has formed, where the 30-day moving average crosses above the 90-day moving average. This pattern is often observed during prolonged bearish markets when prices are in a compression phase. Historically, after this pattern appears, it often develops into a multi-week rebound rally.

The improvement of this indicator itself is evidence that market participants’ psychology is gradually shifting from “fear” to “anticipation.”

Support Levels and Technical Floor

The current market structure places around $87.65K as a very critical level. From a technical perspective, the on-chain improvements are supported by the 4-hour 200-moving average and the weekly support line, both overlapping at this level. As long as the short- to medium-term bullish structure remains intact, this support level is likely to continue functioning.

If this level is broken on a weekly basis, the next support zones are around $80,000–$85,000, with further support near approximately $74,500 and the 200-week moving average.

What Multiple Indicators Improving Simultaneously Signifies

Typically, factors influencing Bitcoin’s price tend to operate independently. However, the current situation—where three signals are simultaneously indicating a bullish trend: the end of miner surrender (on-chain indicator), the golden cross in the Fear & Greed Index (sentiment indicator), and overlapping technical support levels (chart analysis)—is rare.

The simultaneous appearance of these comprehensive signals suggests that this is not merely a temporary rebound but could indicate a more substantial shift toward an upward trend. The battle around $87.65K will likely be a crucial threshold that determines the short- to medium-term trend moving forward. (Reference: Cointelegraph)