Bitcoin's first rally since the halving of its hash rate

According to the CryptoQuant Hash Ribbons indicator, the Hash Ribbons indicator has just signaled the end of miners' capitulation, while the hash rate has reached a new peak of 638 exahashes per second (EH/s), marking the first rally since the Bitcoin halving.
CryptoQuant explains: "While the indicator is not designed to pinpoint price bottoms, it usually signals a reduction in miner selling pressure before prices rise."