BTC Hash Ribbons indicator flashes buy signal, analyst says

The Hash Ribbons indicator, an on-chain metric that analyzes changes in the Bitcoin hash rate to identify market bottoms, has flashed a buy signal. According to Cointelegraph, crypto data analyst OnChainMind stated that the signal appeared during the recovery phase following miner capitulation, a pattern that has historically preceded strong bull markets. The analyst noted that after the signal appeared last July, BTC rallied by approximately 25%. However, some analysts emphasized that for Bitcoin to enter a strong uptrend, it must successfully defend the $90,000 level.