Bitcoin’s Hash Ribbons Index, tracked by onchain analytics platform Capriole Investments, has just issued its fifth “buy signal” in 2025.
Hash Ribbons: Miners face great pressure
One of the historically highly reliable Bitcoin miner performance indicators is recommending investors to accumulate, despite the fact that the price of Bitcoin plummeted to a low of $80,500 on November 21, compared to a historical peak of $126,000.
Hash Ribbons, which helps identify the recovery in hashrate and price after periods of miners being forced to surrender, now shows that miners are under great pressure.
The chart below illustrates the hashrate’s (MA)-day moving average has dropped below the 60-day MA, signaling a miner capitulation. These times often coincide with deep price drops, while opening up attractive long-term investment opportunities.
! Will Bitcoin price recover as Hash Ribbons signals ‘buy’ at $90,000?Bitcoin Hash Ribbons Chart | Source: Capriole InvestmentsHash Ribbons are well-known for their ability to identify long-term price bottoms and only emit “buy” signals at rare times.
CryptoQuant contributor Darkfost told X: “This doesn’t mean investors have to rush into the market.” He added: “This indicator highlights periods when miners are under financial pressure. In the short term, this is usually a negative signal because miners are forced to sell to cover production costs.”
However, in the long term, these forced sell-offs “have created strong accumulation opportunities in the past,” the analyst concluded.
Although miners’ BTC reserves are almost unchanged in 2025, selling activity has remained high since the beginning of October.
! Will Bitcoin price recover as Hash Ribbons signals ‘buy’ at $90,000?
Bitcoin Miner’s Reserves | Source: CryptoQuantThe total amount of BTC in miner wallets is currently around 1.8 million, down 5,000 BTC from October 10.
BTC price tug-of-war between two trends
Bitcoin’s recent rally has encountered strong resistance at the year-opening level of $93,300, which coincides with the (SMA) 200-period simple moving average on the 4-hour chart.
Despite this, BTC/USD has found support in the $89,000–$90,500 area, where the 50- and 100-period SMAs converge.
! Will Bitcoin price recover as Hash Ribbons signals ‘buy’ at $90,000?
BTC/USD Four-Hour Chart | Source: TradingViewTo break the downtrend and move towards a sustainable recovery to $100,000, the Bitcoin price needs to break above the $92,000 resistance and the 200-period SMA.
According to Coinphoton, the bears will continue their efforts to pull the price below the $90,000 support area, thereby maintaining a deep downtrend, which can bring the price to a low of $40,000.
Teacher
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