Bitcoin hash ribbon flips bullish after 8-month wait

Bitcoin’s (CRYPTO:BTC) Hash Ribbon metric, a key indicator tracking miner capitulation phases, has triggered its first “macro bullish” buy signal since July 2024.

The event, confirmed by Capriole Investments’ quantitative tool, marks the end of a prolonged miner capitulation period and aligns with broader technical improvements in BTC price action.

The Hash Ribbon uses 30-day and 60-day hashrate moving averages to identify capitulation phases (when the 30-day average crosses below the 60-day) and buy signals (the reverse).

“This is macro bullish,” Titan of Crypto noted on X, as traders reacted positively.

“Expecting $BTC to go back above $100,000 in Q2 of 2025!” fellow analyst Robert Mercer added.

The optimism follows Bitcoin’s RSI divergence on weekly charts, which recently broke a multimonth downtrend—a development Rekt Capital called a “bullish divergence” after months of suppressed momentum.

Historical context suggests caution: the July 2024 Hash Ribbon signal preceded a delayed price recovery, while the August 2023 signal required months for sustained gains.

Analysts now monitor whether Bitcoin can reclaim critical levels, including the $100,000 threshold, amid improved technicals and renewed miner activity.

The Hash Ribbon’s bullish flip coincides with Bitcoin’s RSI breaking a downward trendline in place since November, though price remains below key resistance zones.

While the signal offers hope for a turnaround after Q1 2025’s muted performance, sustained momentum will depend on broader market sentiment and macroeconomic factors.

At the time of reporting, the Bitcoin (BTC) price was $87,391.94.