The latest trend in the Bitcoin “hash ribbon” indicator has just formed a pattern that has historically been a buy signal for the crypto. Bitcoin Hash Ribbon Buy Signal Goes Off As Miner Capitulation Comes To An End As explained by an analyst on Twitter, the BTC miner capitulation phase seems to have ended today after going on for 71 days. Before trying to understand what the “hash ribbon” indicator does, it’s best to first take a look at the “hashrate” metric. The hashrate is a measure of the total amount of computing power connected to the Bitcoin blockchain by the miners. During bear markets, some miners’ income drops so low that running their operations becomes unprofitable for them. In such times, their only choice is to plug off their machines, which registers as a downtrend in the hashrate. In past bear markets, the major bottoms have generally taken place during these periods of miner capitulations, where a large number of miners rapidly go offline due to low revenues. Related Reading: USDC Exchange Reserve Spikes – Can This Help Push Bitcoin Back Up? An indicator to pinpoint these miner capitulation periods is the hash ribbons. Devised by the aforementioned analyst, Charles Edwards, this metric uses two different moving averages of the hashrate, the 30-day MA and the 60-day MA, to note for changes in miner behavior. Here is a chart that shows the trend in the Bitcoin has...
