"MinerCapitulation" and Hash Rate hitting new highs may indicate the bottoming out of BTC price

BlockBeats news, on August 14th, despite the recent decline in BTC prices, Miners are still increasing their network Hash Rate, which indicates positive sentiment after the Capitulation event that usually marks the bottoming out of prices. On August 5th, BTC outflows soared to 19,000 BTC, the highest level since March 18th, and Miners greatly Capitulated. At this time, BTC’s price touched $49,000, indicating that Miners were dumping assets to make up for costs as profit margins tightened. CryptoQuant indicates that BTC Miners are once again expanding their capacity, as this week’s network Hash Rate hit a new all-time high after the Capitulation event. On Tuesday, network Hash Rate set a new record of 627 exahashes per second, recovering from the 8.5% drop in early July. This indicates that Miners’ sentiment has become positive after months of dumping.