Bitcoin Hash Ribbons (Live Chart)
A miner-capitulation signal built from the 30-day and 60-day hash-rate averages. The shaded stretches are where miners are switching off.
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The 30-day and 60-day hash-rate moving averages on a log left axis, with BTC price on the right. Shaded bands mark capitulation, when the 30-day is below the 60-day.
Drag across the chart to zoom into any span. Reset zoom to go back.
Hash Ribbons is a rough historical pattern, not a guarantee. It has flagged good long-term buys near past bottoms, but it can whipsaw, and it says nothing about how deep a drop goes first.
Hash Ribbons watches two moving averages of hash rate, one over thirty days and one over sixty. When the faster thirty-day line falls below the slower sixty-day line, it means hashing power is dropping. In plain terms, some miners are unplugging machines because the price of Bitcoin has fallen below what it costs them to run.
That miner pain, shaded on the chart, has historically clustered around major price bottoms. The moments when the thirty-day average crosses back up through the sixty-day one, signalling that the survivors are switching machines back on, have marked some of the better long-term entry points in Bitcoin's history.
It is a pattern, not a promise. The signal can fire and then price can still fall further, and modern mining is faster to adjust than it used to be. Use it as one input about miner stress and recovery, alongside the valuation and cycle charts on this site.
The charts are public. The read is the edge.
These indicators are free for everyone. Inside the community you get the daily desk note that ties them together, alerts when price enters a cycle window, and the Satoshi Clock running on your own charts.
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