Bitcoin Hash Rate Surpasses ATH, Hash Ribbon Signals Bull Market

• Bitcoin (BTC) hash rate has surpassed another all-time high (ATH) on Jan. 20, 2021.
• The Hash Ribbon indicator shows that the worst of the miner capitulation is over when the 30-day moving average (MA) of the hash rate crosses above the 60-day MA.
• In the past few weeks, BTC hash rate has experienced two isolated 20% drops in hash rate and has managed to recover.

On Jan. 20, 2021, Bitcoin (BTC) hash rate surpassed another all-time high (ATH), a remarkable feat to see in a bear market. The Hash Ribbon indicator, a market indicator that assumes that BTC tends to reach a bottom when miners capitulate, shows that the worst of the miner capitulation is over when the 30-day moving average (MA) of the hash rate crosses above the 60-day MA (switch from light red to dark red areas). When this occurs and the price momentum switches from negative to positive, it has been known to be a good buying opportunity (switch from dark red to white).

Hash rate is defined as the average estimated number of hashes per second produced by the miners in the network. In the past few weeks, BTC hash rate has experienced two isolated 20% drops in hash rate and has managed to recover. Hash rate has grown every day in 2023 so far, which is a positive sign for the crypto market because it indicates that miners are still confident in the potential of Bitcoin.

The Hash Ribbon indicator has diverged and signals the end of miner capitulation. This could be an indication that the bear market is drawing to a close and that Bitcoin is ready to begin the next bull cycle. The Hash Ribbon indicator is an important tool for traders and investors to keep an eye on, as it provides valuable insight into the sentiment of miners and the market as a whole.

Overall, the increase in Bitcoin (BTC) hash rate is a promising sign for the crypto market. As miners continue to show confidence in the potential of Bitcoin, it could be a sign that the market is ready to turn bullish and begin a new bull cycle. As always, traders and investors should keep an eye on the Hash Ribbon indicator for further insight into the sentiment of the market.