#Bitcoin 's Hash Ribbons indicator recently flashed a bullish signal, exciting the crypto community as this metric historically marks potential shifts from bearish to bullish trends.
The Hash Ribbons indicator tracks $BTC ’s hash rate with two moving averages: a 30-day and a 60-day. When the shorter 30-day moving average crosses above the 60-day, it signifies the end of miner capitulation, a period where mining costs exceed profits, leading weaker miners to halt operations. Once miners recover and rejoin the network, it often signals Bitcoin has hit a local low, suggesting stronger price movements could follow.
