Bitcoin Mining Hash Ribbons As A Market Indicator Today

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The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

In today’s analysis we cover the dynamics in the mining industry, with a particular focus on hash ribbons as a market indicator. We have covered the hash ribbons market indicator multiple times in previous daily issues, in particular on August 10, titled “One of The Biggest Indicators In Bitcoin Flashes,” before bitcoin rallied 50% over the following three months.

Hash ribbons take the 30-day and 60-day moving average of the Bitcoin hash rate, which is used to determine when sufficient miner capitulation has occurred. 

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