Miner Surrender and New Hash Rate Highs May Indicate Bitcoin Price Bottomed Out

On August 14th, miners are increasing their network hash rates despite the recent decline in the Bitcoin price, suggesting positive sentiment following a capitulation event that usually marks a bottom in the price.
On August 5, bitcoin outflows spiked to 19,000 BTC, the highest level since March 18, as miners capitulated significantly. The price of bitcoin touched $49,000 at that point, indicating that miners were selling assets to cover costs as margins tightened.
CryptoQuant said bitcoin miners are expanding their capacity again as the network hash rate hit a record high this week following the capitulation event. On Tuesday, the network hash rate hit a new record of 627 exahashes per second, recovering from an 8.5 percent drop in early July. This indicates a positive sentiment among miners after the sell-off of the past few months.