Jan 6, 2026
6 0
Bitcoin Miner Capitulation Ends as Hash Ribbons Flash Buy Signal
On-chain data indicates that Bitcoin miner capitulation might have ended as the Hash Ribbons indicator shows a new buy signal.
Hash Ribbons Indicator Update
- The Hash Ribbons is a metric developed by Charles Edwards to assess miners' conditions using two moving averages (MAs) of the Hashrate.
- The Hashrate measures the total computing power connected to the Bitcoin network. An increase suggests expansion or new entrants, while a decrease suggests some miners are disconnecting due to unprofitability.
- The 30-day and 60-day MAs act as "ribbons," and their crossovers indicate shifts in miners' conditions.
- A 30-day MA below the 60-day one signals miner capitulation, possibly marking a bottom for Bitcoin. The reverse crossover suggests renewed confidence among miners, often preceding bullish price action.
The chart shows that after staying in the capitulation region, a reverse crossover has occurred, indicating improvement in miners' situations. Historically, such buy signals have aligned with key market recovery points.
Bitcoin Price Movement
- Bitcoin's price has increased recently, reaching $94,100.
The impact of this buy signal on Bitcoin's future price action remains to be seen.