The Hash Ribbon indicator gave a buy signal for $BTC 📈! - CryptoQuant

This makes sense considering the Hash Rate just hit a new all-time high of 638 EH/s. Miners are starting to use more efficient equipment, turning their machines back on and selling them less and less frequently.

Hash Ribbons is a popular indicator that highlights periods of stress in the mining market. It uses the 30 and 60 day moving averages of the Hash Rate and has just signaled the end of miners' capitulation.

While the indicator is not designed to pinpoint a price bottom, it often precedes rising prices by signaling a decrease in selling pressure from miners.

#BTC #miners