Golden Finance reported that on January 22, Coindesk analyst James Van Straten said that Glassnode data showed that the hash price indicator reached 62 PH/s, which is historically a bullish signal. It is reported that hash price is a measure of mining profitability created by Luxor. Mining revenue has been below the 365-day moving average (SMA) for most of 2024. It did not retrace this moving average until the 11th of the month. European research director Andre Dragosch also said miners were in healthier shape than last year. It has monitored the recent decline in the Bitcoin network hash rate since its all-time high in early January. At the same time, the price of Bitcoin increased and overall trading volume picked up again. This has led to a recovery in hash prices, which should technically incentivize miners to continue increasing hash rates. Overall, Bitcoin miners appear to be well-capitalized, judging by the continued increase in their holdings since the beginning of the year, meaning that miners are selling fewer Bitcoins per day than they are mining.