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Bitcoin just activated its first Hash Ribbon buy signal in over six months, as revealed by Charles Edwards. This miner-driven indicator has a track record of appearing near the start of longer uptrends.
The trigger comes as BTC reclaims the $93,000 zone after a bit of a comeback from its late-December lows around $81,000, and as the network's total hashrate pushes to an all-time high above 1.068 billion TH/s.
Originally developed by Charles Edwards himself, the Hash Ribbon signal is designed to track miner stress and recovery by comparing short- and long-term hashrate averages. When the 30-day moving average goes back above the 60-day, it usually means that things are shifting from miner capitulation — when inefficient operators shut down — to network stabilization. That crossover just finished, so it looks like the worst of the miner exits might be over.
In the past, Hash Ribbon triggers have been a sign of price increases that lasted more than a month, like the ones the market saw before the 2020 surge to $65,000 and the 2023 drop from the $16,000 low.
New all-time high for Bitcoin in 2026
The current backdrop is different, with the price of Bitcoin already well off the lows and trading inside a wide $81,000-$107,000 range. But the reappearance of the signal may still matter as a confirmation of trend health rather than a turning point.
It also comes at a time when the market is becoming less chaotic and institutional investments through spot ETFs are staying consistent. This creates an environment where miner normalization could help strengthen the bullish outlook.
The key levels have not changed — $100,000 as the psychological magnet for Bitcoin, $107,000 as the resistance and $124,000 as breakout territory.