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I noticed that Bitcoin's Hash Ribbon is showing interesting signals right now. The indicator just shifted into a capitulation phase following a 20% drop in the hash rate, which is creating some tension in the market.
What strikes me is that this type of signal has already occurred during past major lows. We saw it after the FTX collapse in 2022, and more recently with the unwinding of the carry trade on the yen in 2024. Each time, these moments of extreme stress marked significant turning points.
The Hash Ribbon is therefore indicating a market under pressure at the moment. Historically, when this indicator shows such capitulation, it is often followed by a price rebound. Currently, Bitcoin is around 78.31K. Many people are watching these signals closely to identify potential entry points. Stay tuned.