On-chain data reveals that Bitcoin's (CRYPTO:BTC) Hash Ribbons are indicating ongoing miner capitulation as pressure on miners persists.

The Hash Ribbons, measuring Bitcoin mining hashrate through two moving averages (MAs), have recently shown the 30-day MA crossing below the 60-day MA, signaling a period of miner capitulation since May.

This trend reflects a decline in mining profitability exacerbated by Bitcoin's bearish market conditions and the effects of the recent Halving event, which reduces block rewards.

As miners disconnect due to financial unfeasibility, the Hash Ribbons continue to suggest significant pressure within the mining community.

Despite brief reversals, the indicator remains bearish, highlighting uncertainty over when miners might experience relief.