Bitcoin miners must surrender before BTC can embark on a new rally, as indicated by the well-known on-chain analyst Willy Woo. In a message to his 1.1 million followers on the social media platform X, Woo advises them to look for compressions in Bitcoin hash ribbons when considering when to buy and hold. He acknowledges that it may be frustrating, but BTC will not reach all-time highs until more pain and boredom are experienced. On a positive note, when miners capitulate, it usually leads to a significant rally.

Bitcoin hash ribbons are used to identify periods when Bitcoin miners are under distress and may be surrendering, as explained by on-chain analytics firm LookIntoBitcoin. Woo emphasizes that BTC’s price will continue to suffer until the hash market gains momentum. The on-chain analyst also examines the current level of paper bets on Bitcoin, using a z-score oscillator represented by a solid yellow chart. This oscillator assesses the significance of the local market, indicating that more liquidations are needed before bullish activity can resume.

At the time of writing, BTC is trading at $65,088. The dominant cryptocurrency has experienced a decline of nearly 7% in the past week.