Bitcoin Hash Ribbons Indicate It’s a Good Moment to Reinvest in BTC

Bitcoin’s (BTC) Hash Ribbons metric, monitored by onchain analytics platform Capriole Investments, has issued a “buy signal” for the fifth time this year in 2025.

Key takeaways:

• A historically reliable Bitcoin price metric is signaling “buy” for the fifth time this year.

• Miners’ BTC sales have notably increased since the start of October in comparison to earlier in the year.

• Bitcoin finds itself between the yearly open at $93,000 and a demand zone below $90,000, indicating traders’ uncertainty about BTC’s price direction.

Bitcoin Hash Ribbons: “Miners are under pressure”

A historically accurate metric assessing Bitcoin miner performance suggests a buying opportunity despite the price dropping to $80,500 on Nov. 21 from its peak of $126,000.

Hash Ribbons, which track hashrate and price recovery post-miner capitulations, imply that miners are facing pressure.

Related: Bitcoin retail inflows to Binance hit a record low of 400 BTC in 2025

The accompanying chart indicates that the 30-day moving average (MA) of the hashrate has dipped below the 60-day MA, signaling miner capitulation that typically coincides with significant price drops and long-term investment opportunities.

Hash Ribbons have a strong history of identifying long-term price lows and infrequently provide “buy” signals.

“This doesn’t mean you should rush to buy,” commented CryptoQuant contributor Darkfost in an analysis via an X post.

“This highlights instances where miners are under pressure,” Darkfost noted, adding:

“In the short term, these periods are often bearish as miners may need to increase selling to cover production costs.”

In the long run, such forced sell-offs “have historically created solid accumulation opportunities,” concluded the analyst.

While miners’ BTC reserves have remained relatively stable throughout 2025, there has been consistent selling activity since early October. Wallets belonging to miners held approximately 1.8 million BTC on Tuesday, down by 5,000 BTC since October 10.

BTC price trapped between two trendlines

Bitcoin’s recent rebound was halted by resistance at the yearly open of $93,300, which aligns with the 200-period simple moving average (SMA), as illustrated on the four-hour chart below.

However, BTC/USD found support within the $89,000-$90,500 demand zone, coinciding with the current positions of the 50 and 100 SMAs.

For Bitcoin to escape the current downtrend and initiate a sustained recovery toward $100,000, it needs to rise above the resistance at $92,000 and surpass the 200 SMA.

As reported by Cointelegraph, bears will try to drag the price below the $90,000 support level, potentially leading to a prolonged decline 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.