Bitcoin's miner capitulation period, one of the longest in history, is nearing its end, potentially signaling a price bottom. According to Glassnode data, the Hash Ribbon indicator is close to triggering a recovery signal, which occurs when the 30-day hash rate moving average surpasses the 60-day moving average. This suggests miners are returning online, easing network pressure. Since the Hash Ribbon first reversed last November, Bitcoin's price has fallen from approximately $90,000 to a low of $60,000 in early February, before rebounding to around $65,000. Historically, miner capitulations have coincided with local or major price bottoms, as seen in January 2015, December 2018, and December 2022. Currently, Bitcoin trades below the estimated average production cost of $66,000, a situation last observed in November 2022 when Bitcoin bottomed near $15,500.