Miners Under Pressure: Hash Ribbons Flash Fifth Buy Signal as BTC Hovers Near $90K

Bitcoin price is stuck in a narrow band, oscillating between $90,000 support and the $93,000 yearly opening level. Meanwhile, on-chain metrics are sending conflicting signals—with miners facing sustained selling pressure despite technical indicators suggesting accumulation opportunities.

When Miners Capitulate: Hash Ribbons Reveal Market Rhythm

Bitcoin’s Hash Ribbons indicator has just triggered its fifth “buy signal” in 2025, according to on-chain data analytics. This metric, which measures the relationship between the 30-day and 60-day moving averages of network hashrate, is historically effective at identifying price bottoms following miner capitulation events.

The indicator works by detecting periods when miners’ computing power drops relative to recent trends—a sign that less efficient mining operations are shutting down. Historically, these capitulation phases have coincided with major price discounts and long-term buying opportunities.

However, as one analyst noted, the short-term picture looks different. “In the immediate aftermath of these signals, price action tends to remain under pressure because miners are forced to accelerate their Bitcoin sales to cover operational costs,” the analysis explained. Yet the long-term payoff has been consistent: these forced liquidations by miners typically created strong accumulation windows for long-term investors.

The Reality on the Ground: Miner Reserves Declining

While Bitcoin miner wallets have remained relatively stable throughout 2025, the narrative shifted dramatically starting in early October. Since then, miners have engaged in sustained selling, with known mining pool reserves dropping approximately 5,000 BTC in just over two months. This ongoing liquidation reflects the economic pressure miners face—a dynamic that shows up in declining hashrate during periods of high operational costs.

Current data shows Bitcoin trading at approximately $95.36K, down from its all-time high of $126.08K earlier in the cycle. This pullback has intensified the squeeze on mining profitability, particularly for operators running less efficient equipment.

Price Action Trapped Between Support and Resistance

On the technical front, Bitcoin has failed to break above the $93,000 resistance level—where the 200-period simple moving average sits—despite mounting accumulation signals. Instead, buyers have found support in the $89,000-$90,500 zone, defined by the convergence of the 50 and 100 SMAs.

For a sustained rally toward $100,000, BTC must convincingly break above $92,000 and clear the 200 SMA resistance. If bears regain control, the downside risk extends significantly lower, potentially revisiting $80,500 or worse—with some analysts eyeing support levels as low as $40,000 during an extended bear scenario.

What Hash Ribbon Signals Actually Mean

The repeated appearance of buy signals doesn’t guarantee immediate price recovery. Instead, these readings serve as a warning that miner capitulation is underway—and history suggests that periods of acute mining pressure eventually reverse into strong multi-month rallies. The five signals in 2025 indicate multiple phases where the market reached conditions typically found near major lows.

The coming weeks will be crucial: if Bitcoin can hold above the $90,000 support zone while maintaining the Hash Ribbons signal, accumulation by long-term holders could accelerate. Conversely, a breakdown would signal that the selling pressure remains too intense for a near-term recovery.