Bitcoin Miners in Distress: Hash Ribbons Flash Rare Buy Signal

Bitcoin's canary in the coal mine just chirped. The Hash Ribbons indicator—a closely-watched metric tracking miner capitulation—has hit levels historically associated with market bottoms. When miners bleed, smart money starts buying.

Here's why it matters: Miners are Bitcoin's backbone. When their profitability craters (thanks to halvings or price slumps), weak hands fold. The Hash Ribbons indicator spots these stress points—and right now, it's screaming opportunity.

Of course, Wall Street will 'discover' this signal just as retail buys the top again. Some things never change—like hedge funds being fashionably late to the party.

Bitcoin may retest the all-time high at $111,814 if it can recover the 20-day SMA at about $106,752 and rise above the $108,000 level. If short-term holders start to capitulate, failing to hold above $103,000 could pave the way for a decline toward $100,000 or less.

Without a clear bounce in demand, any further miner stress could lead to forced sell pressure, which WOULD push prices below the current consolidation zone. Although short-term indicators are warning of caution, the macro trend for Bitcoin is still bullish overall. The next leg up will probably be determined by a clear move above the $106,000–$108,000 resistance zone.