The Hash Ribbon indicator, developed by Charles Edwards, has recently flashed its eighth major buy signal in Bitcoin's history, suggesting that miner capitulation has likely ended.

Currently, Bitcoin's price hovers around $84,500 after a 3.9% decline, drawing attention to this significant buy signal.

Historically, Bitcoin has not dropped lower in 85% of previous cases following this signal, with significant rallies occurring without false triggers.

However, technical analysts urge caution due to bearish divergences between price action and momentum indicators, indicating potential weakness.

Moreover, Bitcoin remains below the 50-period EMA near $86,000, reflecting a bearish short-term structure, while the RSI is around 36, suggesting limited momentum for recovery.

Currently, Bitcoin is consolidating near $84,500, with support at $83,000 and a potential upside target above $86,800 that could push prices toward $88,800.

Geopolitical tensions, particularly Trump's proposed 25% auto tariffs, have raised global economic anxiety, impacting market sentiment.

Macroeconomic factors also pose concerns, as strong U.S. economic data supports a hawkish Federal Reserve stance, which may reduce interest in risk assets like Bitcoin.

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Despite the bullish signal from the Hash Ribbon indicator, the overall market sentiment remains cautious due to these external pressures.