Bitcoin Turns ‘Macro Bullish’ as Hash Ribbon Indicator Signals First Buy in 8 Months
Bitcoin (BTC) traders are optimistic as the widely-followed Hash Ribbon indicator has flashed its first buy signal in eight months, marking a significant bullish shift in market sentiment.
Hash Ribbon Indicator Signals Bullish Momentum
The Hash Ribbon, developed by Capriole Investments, tracks Bitcoin miner profitability through hashrate moving averages. When the 30-day moving average crosses above the 60-day moving average, it signals the end of miner capitulation and typically precedes bullish price action.
On March 24, the Hash Ribbon indicator printed its latest buy signal, visible on both daily and weekly charts. Historically, such signals have preceded substantial Bitcoin price rallies.
Analysts Eye $100,000 BTC Price Target for Q2 2025
Following the Hash Ribbon buy signal, traders and analysts have expressed renewed optimism. Trader Titan of Crypto described the event as “macro bullish,” while analyst Robert Mercer predicted Bitcoin could surpass $100,000 in the second quarter of 2025.
Previous Hash Ribbon buy signals, such as those in July 2024 and August 2023, were followed by significant upward price movements after initial consolidation periods.
RSI Indicator Confirms Bullish Reversal
Further supporting the bullish outlook, Bitcoin’s Relative Strength Index (RSI) has broken a multi-month downtrend. Analyst Rekt Capital highlighted that the weekly RSI confirmed a bullish divergence for the first time since September, signaling potential sustained upward momentum.
- Hash Ribbon indicator signals first buy in eight months.
- Analysts predict Bitcoin could reach $100,000 in Q2 2025.
- RSI indicator breaks multi-month downtrend, confirming bullish momentum.
Overall, these technical indicators suggest a positive shift in Bitcoin’s market outlook, fueling optimism among traders and investors.
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.
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