ash Ribbon Signal: is $BTC finally moving from capitulation to accumulation? “When miners give up, it is possibly the most powerful BTC buy signal ever” – Charles Edwards, Creator of the Hash Ribbon Indicator.
Hash Ribbon Signal: Is BTC Moving From Capitulation To Accumulation?
Aleisha Lee • March 1, 2026
Aleisha Lee, CPA, Licensed Real Estate Agent (Queensland)
1 March 2026 < 2 minutes read
After $BTC rallied to $126k in October 2025, it suffered an aggressive 50%+ drawdown, falling below the key psychological level of $60k at one point in early February. This decline coincided with the 30DMA Hash Rate crossing below 60DMA Hash Rate – a classic sign of miner stress. When this occurs, it suggests mining revenues are no longer sufficient to cover operational costs, forcing less efficient miners to shut down their mining rigs and liquidate their BTC reserves. The result is a wave of intense selling pressure, contributing to the recent billion-dollar liquidation in leveraged long positions.
Now, the Hash Ribbon Indicator is finally flashing a signal that may mark the
end of a 3-month miner capitulation – one of the longest Bitcoin winters in history, according to data from
Glassnode.
Source: CoinGecko.com
This raises the question: is BTC forming a structural bottom and its recovery is on the way?
It may be too early to tell. If the miner capitulation persists and $BTC fails to reclaim the production cost level quickly, financial stress could trigger another round of miner capitulation selling. From a technical standpoint, the broader trend – both weekly and monthly charts remain bearish. The recent rally could be just a bull trap, with price potentially retesting the $60k key psychological support level.
Source: Bloomberg
On the flip side, the curl up in Hash Rate suggests the
30DMA may soon cross back above the 60DMA –
a reliable metric for spotting a macro bottom. At the time of writing this post, reports have confirmed that the joint US-Israel strike has taken out the Iranian leader, injecting
fresh geopolitical volatility into the global markets. On the back of the news, crypto market is rebounding from yesterday’s lows, with $BTC hovering around $67k, trading just slightly below its average production cost of approximately $68k (data from 99bitcoins). This level is commonly referred to as the
‘deep value zone’. The last time this setup occurred was in November 2022, when BTC bottomed near $15,500 before starting a sustained recovery. If history repeats, the market may be approaching a recovery crossover – signalling selling exhaustion and potentially allowing renewed demand to drive $BTC higher again.
Key Takeaways
While broader trends remain bearish and risks persist, the Hash Ribbon Indicator combined with $BTC hovering near the deep value zone suggests we may be approaching a macro bottom. Miner capitulation appears to be easing, selling pressure is subsiding, and this could represent a window of opportunity to position for the next potential phase of $BTC accumulation.
Disclaimer
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