Bitcoin traded near $91,000 on Jan. 20 as analysts pointed to multiple “buy” signals while bulls defended the $90,000 level.
Hash Ribbons signal returns
Capriole Investments said Bitcoin Hash Ribbons are indicating that current prices represent a “long-term buying opportunity.”
The Hash Ribbons model tracks the 30-day and 60-day moving averages of the network hashrate and has historically flagged miner capitulation phases that later aligned with “price discounts and long-term buying opportunities.”
On-Chain Mind said bitcoin is “seeing one of the largest Hash Ribbons signals on record.”
The research account wrote on X:
“Historically, once this phase resolves, it’s been one of the most compelling long-term buy signals.”
Cointelegraph noted the previous Hash Ribbons buy signal arrived in July 2025 and preceded a 25% rally from about $98,000 to a prior all-time high near $123,200.
Fear and Greed ‘golden cross’
CryptoQuant data also highlighted a sentiment shift, with a 30-day moving average crossing above the 90-day moving average for the first time since May 2025.
The move resembles a “golden cross” on the Fear and Greed Index, which CryptoQuant analyst MorenoDV_ said has often appeared after prolonged fear phases.
$90,000 as the line in the sand
Traders cited $90,000 as the key support zone that must hold to avoid a bearish turn.
Crypto Solutions said a weekly close below $90,000 could open the door to $80,000–$85,000, with the April 2025 low at $74,500 and the 200-week moving average near $68,000 as additional downside levels.
