The Hash Ribbon metric, which monitors bitcoin BTC$91,232.22 miner activity as a signal for BTC price trends, just indicated rising miner stress, a sign that unprofitable producers are being forced offline after the hashrate dropped about 15% below its all time high
The indicator, which tracks the 30-day and 60-day moving averages of the hashrate, is based on the idea that the bitcoin price often forms a bottom when mining becomes unprofitable. The hashrate is the computational power used in cryptocurrency mining.
Historically, moments when this crossover aligns with a turn in price momentum from negative to positive, represented by a move from dark red to white in the chart, have marked strong buying opportunities.
The signal, when the 60-day moving average crosses above the 30-day moving average, shows the hashrate is still under pressure and miners are continuing to capitulate, or rein in production. Capitulation typically ends when the 30-day average crosses back above the 60-day measure. That’s shown by a shift from light red to dark red on the Hash Ribbon display.
The Hash Ribbon has been a reliable indicator of cyclical bottoms in bitcoin. The latest signal comes after a 35% price drop from October’s all-time high. Bitcoin fell to $81,000 on Nov. 21, and has since rebounded to around $90,000.
Earlier Hash Ribbon signals appeared in May 2021 during the China bitcoin mining ban, when bitcoin tumbled 50% to $30,000. It flashed again in June 2022 and later during the FTX collapse in November 2022. The metric can also appear ahead of downtrends that do not correspond to major bottoms, as seen in May and July 2025.
This latest signal arrives as miner hashprice reached a five-year low. In response, many mining companies have pivoted into artificial intelligence and high performance computing to diversify revenue and reduce their reliance on volatile mining economics.
