Bitcoin Goes 'Macro Bullish' as Hash Ribbon Posts First Buy Signal in 8 Months

Bitcoin (BTC) traders are celebrating as one of the most consistent BTC price indicators goes bullish once more.

The Hash Ribbons indicator—created by quantitative Bitcoin fund Capriole Investments—has posted its first buy signal since July 2024, a move analysts describe as a "macro bullish" turn for Bitcoin.

Hash Ribbon Indications Miner Recovery, $100K Q2 Target in View

Hash Ribbon is a tool that monitors Bitcoin miner activity to see where long-term buying opportunities lie. When miners are under profitability pressure and start closing down (a phase known as "capitulation"), historically, it precedes significant BTC price reversals.

The indicator applies two moving averages of the hash rate:

- A 30-day cross beneath the 60-day indicates miner capitulation.
- A reversal (30-day over 60-day) is a buy signal.

The most recent buy signal was seen on March 24, visible on daily and weekly charts.

"This is macro Bullish," tweeted Titan of Crypto, a popular trader.

Previous Signals Led to Big Rallies

The last Hash Ribbon buy signal in July 2024 was followed by a long accumulation period before Bitcoin rallied. The same thing happened after the signal in August 2023.

In spite of Bitcoin's slow Q1 2025, sentiment from traders remains positive.

"One of the most reliable mid-term indicators is bullish now," commented trader Robert Mercer. "Looking forward to $BTC retracing to above $100,000 in Q2 of 2025!"

Bitcoin Breaks Multi-Month RSI Downtrend

Bitcoin's Relative Strength Index (RSI) has also gone bullish, breaking a downtrend that had been in place since November 2024.

"The multi-month RSI downtrend is over," confirmed analyst Rekt Capital.

This change, coupled with the Hash Ribbon buy signal, indicates increasing bullish momentum for Bitcoin in the months ahead.

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