Bitcoin buy signal emerges as Hash Ribbons indicator shows miner stress:

A fresh Hash Ribbons buy signal has flashed for Bitcoin, a historically reliable indicator that miner capitulation may pave the way for a bullish reversal.

The signal, highlighted in a June 5 analysis by CryptoQuant contributor Darkfost, shows a crossover in Bitcoin’s Bitcoin

Bitcoin 30-day and 60-day hashrate moving averages. This pattern has historically preceded major price recoveries and is often triggered when weaker miners capitulate during periods of unprofitability.

Mining becomes unprofitable for certain miners, and they are forced to sell BTC in order to stay operational,” Darkfost explained. This may lead to short-term selling pressure, but it often prepares the market for longer-term rallies as network stress decreases and supply begins to tighten.

The renewed Hash Ribbons signal comes shortly after Bitcoin’s hashrate hit new all-time highs, indicating both intense miner competition and increasing energy costs. With the notable exception of the 2021 China mining ban, Darkfost notes that this dynamic has previously aligned with strong accumulation zones.$BTC