Hash Ribbons is getting extremely close to a bullish cross-over (recovery) as hash rate continues to remain stable. Average mining cost has reduced to $18.3K while price bouncing back to $20K levels.



I previously referenced that price would need to return to $30K (miner capitulation price) for a "buy signal" (in blue) to appear. However after further analysis, it seems price merely needs to increase beyond the recovery price, as opposed to the capitulation price. While this usually happens sooner after, as circled below this isn't always the guarantee (such as in May 2021) @ $43K.

In this example the hash rate signalled a recovery at $43K, but price continued to decline, actually instigating another miner capitulation soon after. While the mining economics aren't the same as in Summer 2021 when China banned mining, and therefore hash rate saw a considerable decline, the green recovery signal isn't enough to confirm a strong buy signal.



This would otherwise be the first buy signal since August 2021 @ $44.6K, when price saw a 50% increase after such a signal, as one of the lowest % returns from this signal.

BTC price: $20K (sideways/up)
Mining cost: $18.3K (down)
Hashrate: 227m (sideways/up)
Difficulty estimator:+1.2 (in 2 days)