The Bitcoin Hash Ribbons index, monitored by the on-chain analysis platform Capriole Investments, has just issued a "buy signal" for the fifth time in 2025.
Hash Ribbons: Miners face significant pressure
One of the historically reliable Bitcoin miner performance indicators is recommending investors to accumulate, despite Bitcoin's price dropping sharply to a low of 80,500 USD on November 21, compared to the historical peak of 126,000 USD.
Hash Ribbons, an indicator that helps identify the recovery of hashrate and price after periods when miners are forced to capitulate, currently shows that miners are under significant pressure.
The chart below illustrates the 30-day moving average (MA) of hashrate has fallen below the 60-day MA, signaling a capitulation of miners. These moments often coincide with deep price declines, while also opening up attractive long-term investment opportunities.
Hash Ribbons are famous for their ability to identify long-term price bottoms and only issue "buy" signals at rare times.
CryptoQuant contributor Darkfost commented on X: "This does not mean that investors should rush to enter the market." He added: "This indicator highlights periods when miners are under financial pressure. In the short term, this is often a negative signal as miners are forced to sell to cover production costs."
However, from a long-term perspective, these forced sell-offs have "previously created strong accumulation opportunities," the analyst concluded.
Although the BTC reserves of miners have remained almost unchanged in 2025, selling activity has remained high since the beginning of October.
The total number of BTC in miners' wallets is currently about 1.8 million, down 5,000 BTC since October 10.
BTC price is oscillating between two trends
Bitcoin's recent recovery has faced strong resistance at the year's opening threshold of 93,300 USD, coinciding with the 200-period simple moving average (SMA) on the 4-hour chart.
Nevertheless, BTC/USD has found support in the range of 89,000 USD–90,500 USD, where the 50 and 100 period SMA lines converge.
To break the downward trend and aim for a sustainable recovery up to 100,000 USD, Bitcoin's price needs to surpass the resistance level of 92,000 USD and the 200-period SMA.
According to the assessment, the bears will continue to try to push the price below the support range of 90,000 USD, thereby maintaining a deep downward trend, which could bring the price down to a low of 40,000 USD.