CryptoQuant Reports Hash Ribbons Buy Signal as BTC Withdrawals Rise, Miners Struggle, and Long-Term Holders Increase Accumulation Activity

On June 5, CryptoQuant shared that Bitcoin triggered a fresh Hash Ribbons buy signal via the X platform. This points to renewed stress in the mining ecosystem. This key on-chain indicator compares the 30-day and 60-day moving averages of Bitcoin’s hashrate. Its latest crossover highlights short-term miner capitulation. This event is often followed by strong long-term recoveries. Meanwhile, Bitcoin’s hashrate has surged to new all-time highs, showing increased competition and rising energy costs. Combined with major Bitcoin withdrawals from exchanges and bullish long-term holder activity, this signal indicates the new market uptrend is forming.

Hash Ribbons Signal Returns Amid Record Hashrate Levels

The Hash Ribbons indicator has issued a buy signal after a fresh crossover in its moving averages. This metric helps identify stress within the mining network by comparing 30-day and 60-day hashrate trends. Historically, such signals occur when weaker miners capitulate due to unprofitability. The most recent signal follows a period of aggressive hashrate growth. Bitcoin’s network has reached new all-time highs in hashpower, suggesting rising operational costs. 

Source: CryptoQuant Post on X platform, June 5, 2025.

Miners under stress often sell their BTC holdings to stay afloat, causing short-term price pressure. However, such events typically set the stage for long-term price rebounds. This signal has been reliable except during the 2021 China mining ban, which broke the usual pattern. The current signal suggests that recent price dips may offer solid entry opportunities for long-term investors.

Bitcoin Market Indicators Show Mixed Short-Term Trends

Bitcoin trades at $104k, showing a 0.14% 24-hour decline and sitting 6.6% below its May 22 all-time high of $111,814. The 7-day range stays between $103,414 and $108,776. Despite mild short-term bearishness, analysts remain cautiously optimistic. MACD and momentum indicators signal neutral to slightly bearish sentiment. The RSI stands at 51.68, suggesting a balance between buying and selling pressure. 

The stochastic RSI is now in oversold territory, pointing to a potential price rebound. The 20-day simple moving average sits at $106,752, a key level Bitcoin needs to reclaim. If prices hold above $103,000, a move toward $108,000 becomes possible. A break above this could retest the all-time high. On the downside, if $103,000 fails, Bitcoin could dip toward $100,000, especially if miner sell-offs increase.

Exchange Outflows and LTH Activity Highlight Bullish Setup

Over 20,000 BTC left Bitfinex and Kraken in the past two days, marking strong exchange outflows. Binance also saw a sharp rise in spot trading dominance, from 26% to 35% in early June. These shifts signal tightening supply and growing investor confidence. Long-term holders (LTHs) continue accumulating. The Net Realized Cap for LTHs has crossed $20 billion. Historically, such accumulation precedes major bullish cycles. LTHs typically hold BTC for more than 155 days, reducing circulating supply and supporting price stability. These indicators align with the Hash Ribbons signal, reinforcing the possibility of a market bottom formation. As supply thins out and miner stress eases, bullish momentum could resume.

Key Technical Zone Between $106,000 and $108,000

The next major price breakout hinges on the $106,000–$108,000 range. This zone includes the 20-day SMA and recent local highs. A breakout here could open the path to challenge the $111,814 peak. Analysts view this as a make-or-break level for Bitcoin’s short-term direction. If miner pressure fades and demand returns, the current setup could fuel the next leg up. On-chain indicators continue flashing early bullish signs. Still, the near-term market remains in consolidation, with caution warranted. 

The Hash Ribbons buy signal, coupled with falling exchange supply and rising long-term holder activity, paints a promising medium-term picture. Short-term pressure from miner sell-offs remains possible. However, tightening supply, network strength, and on-chain trends suggest conditions are ripening for recovery. The market now watches the $106,000–$108,000 zone for confirmation of upward momentum.