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Breaking News: Raydium DEX's AMM Program Exploited For $1.34 Million — Here's What Went Wrong

Bitcoin Miner Capitulation Ends: Hash Ribbons Flash Buy Signal

Keshav Verma
Keshav Verma
Last Updated: January 6, 2026 9:00 am
2 mins read
Bitcoin

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On-chain data suggests Bitcoin miner capitulation may have ended as the Hash Ribbons indicator has printed a fresh buy signal.

Bitcoin Hash Ribbons Have Seen A Bullish Crossover

As highlighted by Capriole Investments founder Charles Edwards in a new X post, the Hash Ribbons has just given a signal for Bitcoin. The “Hash Ribbons” here refers to a metric created by Edwards that basically provides a representation of the miners’ situation.

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It does so by comparing two moving averages (MAs) of the “Hashrate,” an indicator that measures the total amount of computing power that the miners have connected to the network.

When the value of this metric rises, it suggests existing miners are expanding their facilities and/or new ones are joining the blockchain. Such a trend implies these validators may be finding BTC mining to be an attractive venture.

On the other hand, the indicator going down suggests some of the miners have decided to disconnect from the network, potentially because they are no longer able to break even on mining activities.

The Hash Ribbons aims to pinpoint when one of these behaviors becomes dominant. The 30-day and 60-day MAs of the Hashrate play the role of the “ribbons” and their crossovers provide signals for shifts in miners’ condition.

The 30-day MA moving below the 60-day one is considered to signal the start of a “miner capitulation.” In this phase, miners are under pressure and BTC may arrive at a bottom. The reverse crossover implies the return of conviction among miners, which has often been followed by bullish price action.

Below is the chart for the Hash Ribbons shared by the analyst that shows the signals that Bitcoin has witnessed over the last few years.

Bitcoin Hash Ribbons
The 30-day MA appears to have crossed above the 60-day one in recent days | Source: @caprioleio on X

As is visible in the graph, the 30-day MA of the Bitcoin Hashrate fell below the 60-day ribbon last year as miners reduced their computing power in response to the bearish price action in the cryptocurrency.

After a period of staying in the capitulation region, the reverse crossover has now finally occurred, meaning that the situation of the miners is improving, at least from the perspective of the Hash Ribbons.

From the chart, it’s visible that this kind of “buy signal” occurred at some key points in the last few years. The recovery from 2022 bear market in 2023, for example, took place after a bullish crossover in the Hash Ribbons. The mini-bear phase in mid-2021 also broke with a buy signal from the indicator.

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It now remains to be seen whether positive price action will also follow for Bitcoin after the latest signal.

BTC Price

Bitcoin has shot up over the last few days as its price has returned back to the $94,100 level.

Bitcoin Price Chart
The price of the asset has been marching up recently | Source: BTCUSDT on TradingView
Featured image from Dall-E, charts from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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