Hash Ribbon Indicator Signals Bitcoin Miners End Selling, Market Re-entry

Analysis has emerged that Bitcoin miners are re-entering the market after completing their sell-off.
According to data from on-chain analysis platform CryptoQuant,
The results show that the hash ribbon, a metric that measures mining difficulty and financial distress using 30-day and 60-day moving averages, is
Ribbons indicator suggests miners' sell-off may be over.
If the 30-day moving average of the index crosses above its 60-day moving average, it could signal that miners are switching to more efficient mining equipment and re-entering the market.
According to CryptoQuant, this signal often coincides with a low in Bitcoin price, which indicates investors are more likely to buy.
On the 11th of last month, Bitcoin miners recorded their lowest daily revenue since 2024, highlighting the pressure on revenue miners are facing.
Bitcoin's mining difficulty, a metric that measures the computing power required to successfully mine a single bitcoin, has hit a record high of 90.66 trillion in one day.
The difficulty level then dropped slightly to 86.8 trillion, a correction, but it still remains at a very high level compared to historical difficulty levels.
The increase in difficulty has reduced miners' profit margins, causing the miner hash price (a metric that measures miner profitability) to drop by 36 petahash.
Miner hash prices then rebounded to around 40 petahashes per second (PH/s), but this level was also a historic low.
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