Bitcoin's first ”hash ribbon” buy signal in 8 months: interpreted as a sign of a bullish turn

Traders rejoice as major Bitcoin bullish signal is caught. Hash Ribbons are trading as Bitcoin miners may return to the market.
The Capriol Ribbon indicator reportedly indicates that the miners' latest "surrender" phase is over.
Hash Ribbon, a popular indicator developed by eInvestments, has sent a buy signal for the first time in eight months, as the recent capitulation phase of miners comes to an end.
Hash ribbons are an indicator that uses hash rate to track long-term buying opportunities.
When a cryptocurrency leaves the network, a “capitulation” phase is formed, followed by a long-term price reversal. The indicator works based on two moving averages (30-day and 60-day hashrate)
A minor capitulation signal occurs when the 30-day average falls below the 60-day average, and conversely, a buy signal occurs when the 30-day average rises above the 60-day average.
According to data from Cointelegraph Markets Pro and TradingView, Hash Ribbon was listed as
The latest buy signal was recorded on the 24th. This can be seen on both the daily and weekly charts. Cryptocurrency trader Titan of Crypto
"This is a macro bullish signal," Crypto told X. The previous Hash Ribbon buy signal occurred in July 2024, when BTC/USD was still at bottom.
A few months later, the bull market began to take shape. A similar pattern was seen after the August 2023 buy signal.
Optimism about this signal is only strengthened by the continued disappointing performance of Bitcoin prices in the first quarter of 2025.
Another trader, Robert Mercer, said, "One of the most accurate medium-term indicators has turned bullish," and that "Bitcoin is expected to reach a 2Q 2025 high."
We expect it to exceed $100,000 again within the first half of the year."