The Bitcoin hashrate drawdown, a measure of the Bitcoin network's declining computing power, has reached its lowest level since December 2022.
CryptoQuant data shows the True Bitcoin Hashrate Drawdown is currently at -7.6%, indicating a possible low for the crypto.
This prediction is supported by other indicators, such as the Bitcoin Exchange Reserve, the Miner Position Index (MPI), and the Bitcoin Miner Reserve, all of which suggest a decrease in selling pressure.
In recent weeks, these indicators have also hinted at a possible bottom, as miners appear to be abandoning, presenting a potential opportunity to buy Bitcoin.