Bitcoin Hash Ribbons Predict a Rebound-Or Just Toss Confetti?

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Ah, Bitcoin-the digital equivalent of that one friend who can’t quite decide whether to go to a party or stay home. So, it’s dancing between $90,000 and $93,000 again, flashing signals like a neon sign at a shady roadside diner, telling investors “Buy! Or maybe not… Who knows?” 😅

According to the noble onchain analysts at Capriole Investments, the obscure and seemingly mystical “Hash Ribbons” metric, which sounds like a fancy coffee blend but is actually about Bitcoin miners, has struck again. Not once, not twice, but the fifth time in 2025, it has issued a “buy” signal. Yes, a sign so accurate that even your skeptical uncle could be persuaded to toss a few bucks its way. Or at least that’s the hope.

Mining Miners and the Drama of Hash Ribbons

Meanwhile, miners-those brave souls who confirm transactions and, let’s be honest, keep the entire blockchain party alive-are feeling the heat. Their sales of BTC have ramped up since October, like a group of overworked circus performers tired of juggling but still doing it anyway. The Hash Ribbons suggest miners are under pressure, with the hashrate taking a nosedive below the 60-day moving average, which in market speak means they’re capitulating-essentially waving the white flag while screaming, “Buy low, sell high!”

For the uninitiated, this is what the smart money calls a good long-term buying opportunity, even if it looks like Bitcoin is auditioning for a role in “The Great Fall“ right now. CryptoQuant’s Darkfost gently chimes in with a “Don’t rush in with your life savings just yet.” Because, as always, in crypto, patience is a virtue much scarcer than block rewards.

And despite miners’ reserves holding relatively steady, they’ve been selling since October-roughly 5,000 BTC have left the whale tank, making it less “HODL” and more “sell and tell.”

Price: Between the Lines and Lines of Resistance

Bitcoin’s latest attempt at a comeback was rebuffed at a stubborn resistance level of around $93,300-no surprise there, that’s where the 200 SMA hangs out, like an elder statesman blocking the way. On the bright side, Bitcoin found some support in the $89,000 to $90,500 zone-because everyone loves a good support line, almost as much as they love guessing if this rally will stick or if we’ll be back to $40K faster than you can say “Margin Call.”

To truly break out of this poetic downtrend, BTC needs to jump above $92,000 and definitely clear that hefty 200 SMA. Until then, it’s a game of “Will it or won’t it?” with bears hoping for a dip below $90,000 that could send Bitcoin spiraling down to far-less-attractive levels-say, $40,000. Lovely.

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2025-12-09 18:39