Bitcoin’s (BTC) Hash Ribbons metric, tracked by on-chain analytics platform Capriole Investments, sent a “buy signal” for the fifth time in 2025.
Key takeaways:
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A historically accurate Bitcoin price metric sends a “buy” signal for the fifth time this year.
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Miners’ BTC sales have accelerated since the beginning of October compared to the beginning of the year.
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Bitcoin is stuck between the yearly open at $93,000 and the demand zone below $90,000, reflecting traders’ indecision over the direction of BTC’s price trend.
Bitcoin Hash Ribbons: “Miners are under pressure”
A historically accurate metric of Bitcoin miners’ performance is counting market participants to buy even though the price fell to as low as $80,500 on Nov. 21 from its all-time high of $126,000.
Hash Ribbons, which identifies hashrate and price recovery from miner capitulations, suggests that miners are under pressure.
Related: Retail Bitcoin Inflows to Binance ‘Collapse’ to All-Time Low of 400 BTC in 2025
The chart below shows that the hashrate’s 30-day moving average (MA) has fallen below the 60-day MA, signaling capitulation by miners, which is often timed with significant price discounts and long-term opportunities.
Hash Ribbons has an impressive track record of hitting long-term price bottoms and has issued “buy” signals relatively rarely.
“This doesn’t mean you have to rush out” and buy, CryptoQuant contributor Darkfost commented in an X publication analysis on the topic.
This “highlights the phases where miners are under pressure,” Darkfost said, adding:
“In the short term, these periods tend to be bearish because miners may need to increase their sales to cover production costs.”
In the long term, these forced liquidations “have historically created very strong accumulation opportunities,” the analyst concluded.
Although miners’ BTC reserves have remained more or less stable until 2025, there have been sustained sales since early October. Well-known miners’ wallets totaled around 1.8 million BTC on Tuesday, down 5,000 BTC from October 10.
BTC price is trapped between two trend lines
Bitcoin’s recent rally was rejected by the yearly opening resistance at $93,300, which coincides with the 200-period simple moving average (SMA), as shown in the four-hour chart below.
This move, however, caused BTC/USD to find support in the $89,000-$90,500 demand zone, where the 50-day and 100-day SMAs currently sit.
Bitcoin price is required to break above the $92,000 resistance and surpass the 200 SMA to break out of the downtrend and make a sustained recovery towards $100,000.
As Cointelegraph reported, the bears will try to push the price below the $90,000 support for a prolonged decline that may reach as high as $40,000.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness or reliability of the information contained in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
