Bitcoin flips ‘macro bullish’ amid first Hash Ribbon buy signal in 8 months

Bitcoin (BTC) traders are celebrating as one of the best-known BTC price metrics finally flipped bullish again.

The popular Hash Ribbon tool, created by quantitative Bitcoin and digital asset fund Capriole Investments, printed a first buy signal in a “macro bullish” event.

Bitcoin miners look set to make a comeback as the Hash Ribbon metric marks the end of their latest “capitulation” phase.

The Hash Ribbon tracks potential long-term buy opportunities using hashrate; when miner profitability is at risk and network participants retire, this forms the capitulation which in turn leads to long-term price reversals.

These are monitored using two moving averages of hashrate: the 30-day and 60-day. Capitulations correspond to the former crossing below the latter, while the reverse is true for buy signals.

According to data from Cointelegraph Markets Pro and TradingView, the Hash Ribbon put in its latest buy signal on March 24. It is visible on both daily and weekly timeframes.

“This is macro Bullish,” trader Titan of Crypto wrote on X.

BTC/USD 1-week chart with Hash Ribbon data. Source: Cointelegraph/TradingView

The previous Hash Ribbon buy signal came in July 2024. At the time, BTC/USD had yet to bottom out, and it took several months before a wave of upside began.

A similar scenario happened after a buy signal printed in August 2023.

Optimism over the latest development seemed tangible after much of Q1 2025 was marred by disappointing BTC price action.

“One of the most accurate mid-term indicators is bullish now,” fellow trader Robert Mercer added.

As Cointelegraph reported, Bitcoin has already begun to tease a bullish market turnaround as March nears a close.

Related: Bitcoin must reclaim this key 2025 level to avoid new lows — Research

Chief among the signs is the relative strength index (RSI) indicator, which, like the Hash Ribbon, is in the process of returning to form after months of suppression.

On weekly timeframes, RSI has confirmed a bullish divergence for the first time since September, while the daily chart is showing a support retest after breaking through a downward trend line in place since November.

“The multimonth RSI Downtrend is over,” trader and analyst Rekt Capital confirmed to X followers this week.

BTC/USD 1-day chart with RSI data. Source: Rekt Capital/X

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.