Bitcoin’s (BTC) Hash Ribbons metric, monitored by the onchain analytics platform Capriole Investments, has issued a “buy signal” for the fifth time in 2025.
Key takeaways:
A historically reliable Bitcoin price indicator has triggered a “buy” signal for the fifth time this year.
Miners’ BTC sales have surged since the beginning of October in comparison to earlier in the year.
Bitcoin currently fluctuates between the yearly open at $93,000 and the demand zone beneath $90,000, showcasing traders’ uncertainty regarding BTC’s price direction.
Bitcoin Hash Ribbons: “Miners are under pressure”
A historically-reliable Bitcoin mining performance metric indicates that market participants should consider buying, despite the price dipping as low as $80,500 on Nov. 21 from its $126,000 all-time high.
Hash Ribbons, which track hashrate and price recoveries following miner capitulations, suggest that miners are experiencing pressure.
Related: Bitcoin retail inflows to Binance ‘collapse’ to a record low of 400 BTC in 2025
The chart below illustrates that the 30-day moving average (MA) of the hashrate has fallen below the 60-day MA, signaling miner capitulation, often correlating with significant price drops and long-term investment opportunities.
Hash Ribbons boast an impressive history of pinpointing long-term price bottoms and issue “buy” signals on rare occasions.
“This doesn’t mean you need to hurry in” and buy, commented CryptoQuant contributor Darkfost in an X post analyzing the situation.
This “highlights periods where miners are under pressure,” according to Darkfost, who added:
“In the short term, these intervals tend to be bearish as miners may need to increase their sales to cover production expenses.”
In the long run, such forced sell-offs “have historically created significant accumulation chances,” the analyst concluded.
While miners’ BTC reserves have remained relatively stable throughout 2025, consistent selling has been noted since early October. Known miner wallets accounted for approximately 1.8 million BTC on Tuesday, down by 5,000 BTC since Oct. 10.
BTC price trapped between two trendlines
Bitcoin’s recent rebound faced rejection at resistance from the yearly open at $93,300, coinciding with the 200-period simple moving average (SMA), as depicted on the four-hour chart below.
Nevertheless, this movement led BTC/USD to find support in the $89,000-$90,500 demand zone, coinciding with the current 50 and 100 SMAs.
The price of Bitcoin needs to surpass resistance at $92,000 and exceed the 200 SMA to escape the downtrend and initiate a sustained recovery toward $100,000.
As Cointelegraph reported, sellers will attempt to push the price below the $90,000 support for a prolonged downturn that may lead to as low as $40,000.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, 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 risk, 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 any information 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.
