One of the rarest and strongest bullish signals, the Hash Ribbon, has broken out on the crypto market. After the December capitulation period, when weak miners shut down equipment due to unprofitability, the network's hashrate began to recover. The technical intersection of the 30-day and 60-day averages is traditionally considered confirmation that the bottom has been passed and the market is ready for growth, as it was during the rally periods from $22,000 to almost $100,000.
Despite the optimism, an analysis of historical data reveals an intriguing and disturbing pattern: Bitcoin's January surge often turns out to be a false start. Statistics show that 60% of January breakthroughs over the past five years ended in correction by February. The current picture strongly resembles January 2022, when a promising technical breakdown led not to a vertical takeoff, but to an exhausting six-month sideways trend.
Today's Hash Ribbon signal is operating under the difficult macroeconomic background of early 2026. The price is under pressure from the consequences of the recent "tax loss harvesting" and the active flow of capital into gold and silver amid geopolitical risks. Investors should closely monitor whether Bitcoin will hold the $93,000 level — whether this signal will be the beginning of a new historical high or another confirmation of the "January curse."