Bitcoin has definitely performed on the bullish side for the past three weeks. Many investors are now convinced of the full return of bullish price actions, and various technical indicators support this surge in optimism. One such indicator is the hash ribbon, which highlights a positive price momentum for Bitcoin. Related Reading: Solana Set For 900% Rally With Breakout From This Pattern — Analyst The hash ribbon provides a compelling view of on-chain activity by tracking the behavior of miners, who are known to have a direct influence on the cryptocurrency’s price. Price Momentum Flips Positive Crypto analyst Ali Martinez highlighted an intriguing phenomenon with the hash ribbon indicator on social media platform X. As noted by the analyst, the hash ribbon is signaling the end of miner capitulation, which suggests that the BTC price momentum has shifted from negative to positive. The hash ribbon indicator analyzes Bitcoin’s hash rate using the 30-day and 60-day moving averages to gauge miner activity and network health. When the 30-day moving average drops below the 60-day, it indicates miner c ..
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