Bitcoin miners are sending a clear message: they’re more bullish than ever. As we observe new all-time highs in the Bitcoin network’s hash rate, the commitment of miners underscores their confidence in the asset’s long-term potential.

The Hash Ribbons Indicator Explained

The Hash Ribbons indicator provides insight into miner activity and sentiment by analyzing the 30-day and 60-day moving averages of Bitcoin’s hash rate. When the 30-day moving average crosses above the 60-day, it suggests a positive shift, often interpreted as miner capitulation coming to an end. This shift typically signals that weaker miners have exited the market, leaving only resilient participants and setting the stage for potential price recovery.

Why All-Time Highs in Hash Rate Matter

As the Bitcoin network’s hash rate climbs to new peaks, it highlights the increasing amount of computational power devoted to securing the blockchain. This rise not only reflects strong miner confidence but also enhances the network’s resilience and security. In the current climate, these hash rate highs indicate that miners are holding their ground, undeterred by market fluctuations.

Interpreting the Current Hash Ribbon Signal

The chart above shows a recent bullish crossover in the Hash Ribbons, indicating the end of miner capitulation. Historically, these crossovers have often aligned with favorable price action in the weeks and months that follow. With hash rate reaching unprecedented levels, this crossover suggests that miners anticipate a period of sustained growth.

For an in-depth look at the Hash Ribbons Indicator and to stay updated with future movements, visit the source here: Bitcoin Magazine Pro.

Just as I called it a few weeks ago, the election was too big to rig. I said the outcome of the election would dictate when we see a new Bitcoin all-time high. My argument was that if Trump won, we would see Bitcoin rise to a six figure price and if Kamala won, BTC would have dumped hard.

But thankfully, pro-Bitcoin Donald Trump swept the election, winning all swing states and the popular vote. His anti-Bitcoin opponent lost in dramatic fashion, and now it’s off to the races for Bitcoin’s price. Even CNBC is reporting on this as the “post-election rally.”

Trump’s proposed policies for Bitcoin has propelled bitcoin’s price upward — it’s now up over 22% since last week. If Trump had lost, the price of BTC would have most likely plummeted due to Harris’ unfavorable policy around Bitcoin and overall horrible policy around financial markets in general — like wanting to tax unrealized gains.

Now, we’re past that, though, and we have a President-elect that is going to champion Bitcoin innovation, support the industry and has pledged to work with congress and the senate to approve and establish a Strategic Bitcoin Reserve. In addition to that, MicoStrategy is raising $42 billion to buy more bitcoin and Bitcoin ETFs are on an accumulation rampage (BlackRock’s ETF did $1 billion in volume in just 35 minutes this morning) — and it feels like no one is selling.

WE ARE GOING TO BUILD A STRATEGIC BITCOIN RESERVE 🇺🇸 🇺🇸 🇺🇸

— Senator Cynthia Lummis (@SenLummis) November 6, 2024

Oh, and on top of all that, Ross Ulbricht is going to be a free man on day one of Trump’s presidency. We are winning on every single front now.

So, thank you President Trump for saving us from the Democrats’ war on Bitcoin, from four more years of their continued attack on this industry and, of course, for bitcoin’s price making new all-time highs (we just hit $85,000! Let’s go!)

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.