Bitcoin Hash Ribbon Indicator Flashes 'Buy' Signal at $90,000: Will BTC Price Rebound?
The Bitcoin Hash Ribbons indicator, tracked by Capriole Investments, has flashed a "buy signal" for the fifth time in 2025, suggesting a potential price rebound despite BTC's recent decline from its all-time high of $126,000 to around $80,500 on November 21st. This historically accurate metric indicates that miners are under pressure, as shown by the 30-day moving average of hash rate falling below the 60-day MA, signaling miner capitulation. Such conditions have historically aligned with major price discounts and long-term accumulation opportunities.
Analysts note that while this doesn't imply an immediate buying urgency, it highlights a phase where miners may need to increase sales to cover operational costs, potentially leading to short-term price declines. However, from a long-term perspective, these forced sell-offs have historically created strong accumulation opportunities.
Meanwhile, miner BTC holdings have seen sustained selling since early October, with known miner wallets holding approximately 1.8 million BTC as of Tuesday, down about 5,000 BTC since October 10th.
Bitcoin's price is currently consolidating between key levels. Recent rebounds have faced resistance at the year's opening price of $93,000, which aligns with the 200-week simple moving average (SMA). Support has been found in the $89,000-$90,500 demand zone, where the 50 and 100-week SMAs are located. Market experts suggest that BTC needs to break above the $92,000 resistance level and surpass the 200-week SMA to exit the downtrend and initiate a sustained recovery towards $100,000. Failure to hold above the $90,000 support could prolong the downturn, with some analyses even suggesting a potential drop to $40,000 levels.
cointelegraph_中文12/10 06:58
