The Hash Ribbons metric for Bitcoin (BTC), monitored by the onchain analytics platform Capriole Investments, has issued a “buy signal” for the fifth occasion in 2025.
Key highlights:
A historically reliable Bitcoin price indicator has generated a “buy” signal for the fifth time this year.
Since early October, miners’ BTC sales have increased compared to earlier in the year.
Bitcoin remains caught between the yearly open at $93,000 and the demand zone below $90,000, indicating traders’ uncertainty regarding BTC’s price trends.
Bitcoin Hash Ribbons: “Miners are facing challenges”
A historically precise metric for Bitcoin miner performance indicates that market players should buy, even as the price dipped to $80,500 on Nov. 21 from its peak of $126,000.
The Hash Ribbons, which highlight hashrate and price recovery following miner capitulations, indicate that miners are indeed under stress.
Related: Bitcoin retail inflows to Binance plummet 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 aligning with significant price drops and long-term buying opportunities.
Hash Ribbons have a strong track record of identifying long-term price bottoms and deliver “buy” signals infrequently.
“This doesn’t necessitate an immediate buy,” commented CryptoQuant contributor Darkfost in an analysis on X.
This “emphasizes periods where miners are facing challenges,” Darkfost added:
“In the short term, these intervals are usually bearish because miners might need to increase selling to cover their production costs.”
Long-term, these enforced sell-offs have historically created strong accumulation opportunities, the analyst concluded.
While miners’ BTC reserves have remained relatively stable throughout 2025, persistent selling has been noted since early October. Known miner wallets held approximately 1.8 million BTC on Tuesday, a decrease of 5,000 BTC since October 10.
BTC price trapped between two trendlines
Bitcoin’s recent rise faced resistance from the yearly open at $93,300, coinciding with the 200-period simple moving average (SMA), as depicted in the four-hour chart below.
However, this movement allowed BTC/USD to find support within the $89,000-$90,500 demand zone, where the 50 and 100 SMAs currently reside.
For Bitcoin’s price to escape the downtrend and progress toward $100,000, it must rise above the resistance at $92,000 and surpass the 200 SMA.
As reported by Cointelegraph, bears will attempt to drive the price below the $90,000 support, leading to a prolonged decline potentially dropping to $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.
