{"id":516160,"date":"2023-01-16T06:00:33","date_gmt":"2023-01-16T11:00:33","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=516160"},"modified":"2024-06-11T08:51:51","modified_gmt":"2024-06-11T08:51:51","slug":"bitcoin-hash-ribbons-trigger-buy-signal","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/bitcoin-hash-ribbons-trigger-buy-signal\/","title":{"rendered":"Bitcoin Hash Ribbons Trigger Buy Signal, Has Miner Capitulation Concluded?"},"content":{"rendered":"

The collapse of FTX triggered a historic event for the Bitcoin market. In late November, the hash ribbons indicator signaled the beginning of a second wave of Bitcoin miner capitulation within one cycle. As NewsBTC reported<\/a>, the hash rate dropped dramatically while some of the largest miners reported bankruptcy and dumped<\/a> their BTC holdings on the market.<\/p>\n

However, this poor state of the Bitcoin mining industry and the associated pressure on the Bitcoin price may have come to an end. As the net position change of miners already indicated since the beginning of January, the selling pressure has decreased significantly.<\/p>\n

For the first time in over four months, miners had been hodling BTC instead of dumping the majority of their coins. The termination of the strong selling pressure from Bitcoin miners is now also confirmed by the hash ribbon indicator.<\/p>\n

Related Reading: Bitcoin Price Resumes Increase as The Crypto Bulls Take Control<\/a><\/div>\n

As the chart below shows, the hash bands are displaying a bullish cross. “Miners have stopped selling and are now plugging in machines at a sufficient rate to declare this period of miner capitulation over,” stated<\/a> Will Clemente from Reflexivity Research.<\/p>\n

\"Bitcoin
Bitcoin hash ribbons, Source: Glassnode<\/a><\/figcaption><\/figure>\n

What Does This Mean For Bitcoin?<\/h2>\n

The hash ribbon is a market indicator that assumes BTC tends to hit a bottom when miners capitulate. Currently, the hash ribbons indicate that the worst of the miner capitulation is over as the 30-day MA of the hash rate crossed over the 60d MA.<\/p>\n

In other words: <\/span>When the hash ribbons indicate a cross, it signifies a paradigm shift. This is historically an extremely good buying opportunity. As Charles Edwards once said<\/a>, it may be the strongest buy signal of all.<\/p>\n

Why? Because the hash rate is a leading indicator for identifying capitulation to mining difficulty. Since the mining difficulty, unlike the hash rate, is not adjusted daily, but only every 2,016 blocks, the difficulty lags behind the hash rate by as much as two weeks.<\/p>\n

Related Reading: Bitcoin Funding Rates Hit 14-Month High \u2013 What Could This Mean For The Market Leader?<\/a><\/div>\n

Therefore, the difficulty is a somewhat lagging indicator of miner capitulation.\u00a0But difficulty also shows the growing euphoria among miners. Bitcoin initiated<\/a> a mining difficulty adjustment yesterday at block height 772,128. Mining difficulty climbed 10.26% to 37.59T, a record high.<\/p>\n

This also confirms the thesis that miners are increasingly plugging their miners back into the network. The hashrate of the entire network is now 269.02 EH\/s, also approaching its highs again. Thus, miners are clearly signaling their bullish sentiment<\/a>.<\/p>\n

The creator of the hash ribbon indicator, Charles Edwards, tweeted<\/a>:<\/p>\n

Hash Ribbon buy confirmed. The signal date was the second lowest price in the last 48 days. Our December newsletter: ‘a price low typically forms during the capitulation and before we see hash rate recover. Sometimes the first candle of the miner capitulation is the price low.’<\/strong><\/p><\/blockquote>\n

At press time, Bitcoin was trading at $21,118. On the daily chart, the RSI was at 89, indicating an overbought territory.<\/p>\n

\"Bitcoin
Bitcoin in overbought territory, 1-day chart | Source: BTCUSD on TradingView.com<\/figcaption><\/figure>\n
Featured image from Michael Fortsch \/ Unsplash, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The collapse of FTX triggered a historic event for the Bitcoin market. In late November, the hash ribbons indicator signaled the beginning of a second wave of Bitcoin miner capitulation within one cycle. As NewsBTC reported, the hash rate dropped dramatically while some of the largest miners reported bankruptcy and dumped their BTC holdings on the market. However, this poor state of the Bitcoin mining industry and the associated pressure on the Bitcoin price may have come to an end. As the net position change of miners already indicated since the beginning of January, the selling pressure has decreased significantly. For the first time in over four months, miners had been hodling BTC instead of dumping the majority of their coins. The termination of the strong selling pressure from Bitcoin miners is now also confirmed by the hash ribbon indicator. Related Reading: Bitcoin Price Resumes Increase as The Crypto Bulls Take Control As the chart below shows, the hash bands are displaying a bullish cross. “Miners have stopped selling and are now plugging in machines at a sufficient rate to declare this period of miner capitulation over,” stated Will Clemente from Reflexivity Research. What Does This Mean For Bitcoin? The hash ribbon is a market indicator that assumes BTC tends to hit a bottom when miners capitulate. Currently, the hash ribbons indicate that the worst of the miner capitulation is over as the 30-day MA of the hash rate crossed over the 60d MA. In other words: When the hash ribbons indicate a cross, it signifies a paradigm shift. This is historically an extremely good buying opportunity. As Charles Edwards once said, it may be the strongest buy signal of all. Why? Because the hash rate is a leading indicator for identifying capitulation to mining difficulty. Since the mining difficulty, unlike the hash rate, is not adjusted daily, but only every 2,016 blocks, the difficulty lags behind the hash rate by as much as two weeks. Related Reading: Bitcoin Funding Rates Hit 14-Month High \u2013 What Could This Mean For The Market Leader? Therefore, the difficulty is a somewhat lagging indicator of miner capitulation.\u00a0But difficulty also shows the growing euphoria among miners. Bitcoin initiated a mining difficulty adjustment yesterday at block height 772,128. Mining difficulty climbed 10.26% to 37.59T, a record high. This also confirms the thesis that miners are increasingly plugging their miners back into the network. The hashrate of the entire network is now 269.02 EH\/s, also approaching its highs again. Thus, miners are clearly signaling their bullish sentiment. The creator of the hash ribbon indicator, Charles Edwards, tweeted: Hash Ribbon buy confirmed. The signal date was the second lowest price in the last 48 days. Our December newsletter: ‘a price low typically forms during the capitulation and before we see hash rate recover. Sometimes the first candle of the miner capitulation is the price low.’ At press time, Bitcoin was trading at $21,118. On the daily chart, the RSI was at 89, indicating an overbought territory. Featured image from Michael Fortsch \/ Unsplash, Chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":516166,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,66102],"class_list":["post-516160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-hash-ribbons"],"acf":[],"yoast_head":"\nBitcoin Hash Ribbons Trigger Buy Signal, Has Miner Capitulation Concluded?<\/title>\n<meta name=\"description\" content=\"The collapse of FTX triggered a historic event for the Bitcoin market. 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Through his extensive work with shenyangcang.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/shenyangcang.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Hash Ribbons Trigger Buy Signal, Has Miner Capitulation Concluded?","url":"http:\/\/shenyangcang.com\/news\/bitcoin-hash-ribbons-trigger-buy-signal\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/shenyangcang.com\/news\/bitcoin-hash-ribbons-trigger-buy-signal\/"},"thumbnailUrl":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/01\/michael-fortsch-ywmZG5IIwGc-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/01\/michael-fortsch-ywmZG5IIwGc-unsplash-scaled.jpg?fit=2560%2C1497"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","hash ribbons"],"dateCreated":"2023-01-16T11:00:33Z","datePublished":"2023-01-16T11:00:33Z","dateModified":"2024-06-11T08:51:51Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Hash Ribbons Trigger Buy Signal, Has Miner Capitulation Concluded?\",\"url\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/bitcoin-hash-ribbons-trigger-buy-signal\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/bitcoin-hash-ribbons-trigger-buy-signal\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/michael-fortsch-ywmZG5IIwGc-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/michael-fortsch-ywmZG5IIwGc-unsplash-scaled.jpg?fit=2560%2C1497\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"hash ribbons\"],\"dateCreated\":\"2023-01-16T11:00:33Z\",\"datePublished\":\"2023-01-16T11:00:33Z\",\"dateModified\":\"2024-06-11T08:51:51Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/shenyangcang.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/01\/michael-fortsch-ywmZG5IIwGc-unsplash-scaled.jpg?fit=2560%2C1497","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/516160"}],"collection":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/comments?post=516160"}],"version-history":[{"count":0,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/516160\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media\/516166"}],"wp:attachment":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media?parent=516160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/categories?post=516160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/tags?post=516160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}