Bitcoin Hash Ribbons Flash Buy Signal as Hashrate Hits Record High

A key Bitcoin mining indicator has just triggered a buy signal, according to CryptoQuant analysts. The Hash Ribbons, a historically reliable on-chain metric, suggests that the current market stress among miners could present a compelling entry point for long-term investors.What Is the Hash Ribbons Indicator?The Hash Ribbons indicator compares the 30-day and 60-day moving averages of Bitcoin’s network hashrate. It’s designed to identify periods of miner distress—typically when mining becomes temporarily unprofitable, forcing some miners to liquidate BTC reserves to stay operational.Such events usually precede or accompany short-term downward pressure on BTC’s price, but they also tend to mark accumulation zones before major recoveries.Hashrate Surges, Miners Under PressureThe recent signal comes as Bitcoin’s hashrate reached new all-time highs, increasing operational costs and squeezing margins for less efficient miners. According to the analysis:“This sell-off pressure from miners often results in excellent long-term buying opportunities.”CryptoQuant notes that the Hash Ribbons have consistently delivered reliable buy signals, with the exception of the 2021 anomaly during China’s nationwide mining ban. .dark-mode .read-more {background-color: #343a40 !important;} READ MORE: Bitcoin Targeting $120,000 While Altcoins Signal Historic Breakout Potential Long-Term Implications: Buy the Dip?While the short-term impact may include additional sell pressure, the Hash Ribbons’ buy signal suggests that now may be an opportune time to accumulate BTC.“The bottom line: this signal is telling you that buying the dip around here is a smart move,” the analyst concludes.As Bitcoin continues to consolidate, miners’ actions may offer some of the most actionable insights into where the market heads next.The post Bitcoin Hash Ribbons Flash Buy Signal as Hashrate Hits Record High appeared first on Coindoo.