What Is a ‘Difficulty Ribbon’ and What Does It Signal about Miner Capitulation?

A Difficulty Ribbon is a set of moving averages plotted on a chart of the Bitcoin network's mining difficulty. When the short-term moving averages cross below the long-term moving averages, it indicates a significant drop in mining difficulty.

This drop signals 'miner capitulation,' meaning many miners have turned off their machines due to unprofitability, historically coinciding with good long-term buying opportunities.