Bitcoin’s leading indicators flashed buy signals as bulls worked to keep BTC’s price above the $90,000 level.
Key takeaways:
- Bitcoin’s Hash Ribbons indicator flashed a buy signal as miner capitulation showed signs of recovery, a development that has historically preceded strong price rallies.
- At the same time, a “golden cross” on the Fear and Greed Index pointed to improving market sentiment and raised the prospects of a renewed BTC upswing.
- Analysts warned that Bitcoin needs to hold above the $90,000 level to avoid slipping into a bear market scenario.
Bitcoin Hash Ribbons, sentiment indicators flash “buy”
Bitcoin miner data is once again sending bullish signals, with on-chain indicators suggesting that current price levels may offer a buying opportunity as market sentiment begins to improve.
The Hash Ribbons indicator, which tracks the 30-day and 60-day moving averages of Bitcoin’s hash rate, now points to what Capriole Investments describes as a “long-term buying opportunity,” even at current prices.
According to the firm, a buy signal appears when the 30-day hash rate average falls below the 60-day exponential moving average, a pattern that has historically coincided with periods of miner capitulation.
Such phases have “often aligned with major price discounts and long-term buying opportunities,” Capriole Investments notes on its website.
Researchers at On-Chain Mind echoed the bullish assessment, saying Bitcoin is “seeing one of the largest Hash Ribbons signals on record.”
“When miners capitulate and then recover, it often marks the end of forced selling,” the firm said in a Jan. 20 post on X, adding:
“Historically, once this phase resolves, it’s been one of the most compelling long-term buy signals.”
The previous Hash Ribbons buy signal appeared in July 2025 and was followed by a 25% Bitcoin rally, with BTC climbing from around $98,000 to its former all-time high of $123,200.
The Fear and Greed Index is also pointing to a potential buying opportunity, with CryptoQuant data showing a “golden cross” that signals a possible rally ahead.
According to CryptoQuant analyst MorenoDV_, the chart highlights a historical pattern indicating a bullish shift in sentiment, as the 30-day moving average crosses above the 90-day moving average for the first time since May 2025, the analyst noted in a recent Quicktake analysis, adding:
“Historically, these crossovers tend to occur after prolonged fear phases, often near local price compression zones rather than major tops. In most highlighted instances on the chart, price responds positively in the weeks that follow.”
Bitcoin price must hold $90,000
Bitcoin’s next key support lies at $90,000, a major psychological level that bulls need to defend to maintain market momentum.
TradingView data shows BTC/USD currently consolidating within the $90,000–$92,000 range.
“This area is very important. It has held before, and if the broader bull market remains intact, it needs to hold again,” Crypto Solutions said in a post on X on Tuesday, adding:
“As long as $90K holds, buyers are still in control, and another move up is possible.”
This level coincides with the 200-period moving average in the four-hour time frame and the lower boundary of a bear flag, as shown on the weekly chart below.
“If $90,000 breaks and posts a weekly close below that level, momentum could flip bearish, opening the door to a deeper pullback toward the $80,000–$85,000 range,” Crypto Solutions said, pointing to a key demand zone on the daily chart.
Below that, the April 2025 low near $74,500 and the 200-week moving average around $68,000 stand out as critical downside levels to watch.
In the event of a prolonged downtrend, the measured move from the bear flag formation suggests a potential bottom near $57,500.
As previously reported, Bitcoin risks losing the $90,000 level, with macro headwinds and weakening technicals pointing to a potential decline toward $80,000 following a rising-wedge breakdown.
