I wouldn't trust the Hash Ribbons indicator from LookIntoBitcoin. I'm not sure where they are getting their hash rate data from, but it's very different than the original indicator on trading view:
As you can see, LIB indicator shows a bullish crossover with the MA30 and MA60, indicating hash rate recovery. While the original indicator shows nothing of the sort. I've otherwise been documenting the ongoing "miner capitulation" over in this thread for anyone interested. Currently the average mining cost is back below current price, so hash rate remains relatively stable. The capitulation signal is based on lack of growth, rather than hash rate decline.
As you can see, LIB indicator shows a bullish crossover with the MA30 and MA60, indicating hash rate recovery. While the original indicator shows nothing of the sort. I've otherwise been documenting the ongoing "miner capitulation" over in this thread for anyone interested. Currently the average mining cost is back below current price, so hash rate remains relatively stable. The capitulation signal is based on lack of growth, rather than hash rate decline.