Bitcoin is holding above $76,000 as the market tests resistance and the broader environment remains uncertain. The price is constructive, but the forces operating beneath it tell a more complicated story — and top analyst Darkfost has identified a signal in the Hash Ribbons that adds a specific layer of structural context to where Bitcoin stands right now. The Hash Ribbons is an indicator that functions as a barometer of miner activity, comparing the 30-day and 60-day moving averages of Bitcoin’s hashrate to identify when mining operations are genuinely under stress. Understanding why that reading matters requires a brief look at the economics pressing on miners right now. Today’s block reward is 3.125 BTC — a number that sounds meaningful at current prices but represents a fraction of the 50 BTC that early miners received per block. The dollar value of that reward has grown enormously over time, but so has the cost and complexity of earning it. Rising mining difficulty demands in...
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