Bitcoin Hash Ribbons indicator today ← is the bottom in?
Hash Ribbons, introduced by Charles Edwards, compare the 30-day and 60-day moving averages of network hashrate. When the fast average drops below the slow one, miners are switching machines off: capitulation.
How it's computed
Rolling means of daily hashrate from mempool.space. The signal fires while the 30-day average is below the 60-day average.
Reading it
Miner capitulation has surrounded every major bottom, because unprofitable miners are the last forced sellers. The original indicator's buy trigger is the recovery, when the 30-day crosses back above the 60-day; this page flags the capitulation phase that precedes it.
At past bottoms
| Jan 2015 | FIRED |
| Dec 2018 | FIRED |
| Mar 2020 | FIRED |
| Nov 2022 | FIRED |
| Jun 2026 | FIRED |
Within 30 days of each cycle's lowest daily close.
Questions
What is the Hash Ribbons buy signal?
In Edwards' formulation: the 30-day hashrate average crossing back above the 60-day after a capitulation, confirmed by price momentum turning positive. The capitulation itself is the setup.
Does hashrate falling mean price will fall?
Not directly. Hashrate lags price by weeks to months; falling hashrate means miners already lost money on the way down.