Bitcoin

when

Rare

After rising by more than 28% over the 16 days, the Bitcoin price was rejected at key resistance at $68,500 on Sunday. Since then, the BTC price is displaying a slight pullback, but according to Charles Edwards, the founder of Capriole Investments, investors can expect the bullish momentum to continue. Edwards shared the chart below and stated via X, “BREAKING: Hash Ribbon buy signal just fired.” 
<img loading="lazy" decoding="async" class="wp-image-631349 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/GTOxLrtb0AA1LOC.jpg?resize=1390%2C872" alt="Bitcoin Hash Ribbon buy signal " width="1390" height="872" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/GTOxLrtb0AA1LOC.jpg?resize=1390%2C872?w=1390 1390w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTOxLrtb0AA1LOC.jpg?resize=1390%2C872?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTOxLrtb0AA1LOC.jpg?resize=1390%2C872?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTOxLrtb0AA1LOC.jpg?resize=1390%2C872?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTOxLrtb0AA1LOC.jpg?resize=1390%2C872?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTOxLrtb0AA1LOC.jpg?resize=1390%2C872?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<h2 id="why-the-bitcoin-hash-ribbons-matter">Why The Bitcoin Hash Ribbons Matter</h2> 
This statement is significant, as the hash ribbons have historically been a reliable indicator, with an 84% accuracy rate in predicting Bitcoin’s major price bottoms. The hash ribbons are predicated on the interplay between the <a href="https://www.newsbtc.com/news/bitcoin-hash-rate-retakes-all-time-high/" target="_blank" rel="noopener ">Bitcoin hash rate</a>—the total computational power used to mine and process transactions—and Bitcoin’s market price. 
Analysts observe that a drop in Bitcoin’s price or an increase in operational costs, such as electricity, may cause miners to halt operations temporarily. This period, known as ‘<a href="https://www.newsbtc.com/bitcoin-news/longest-miner-capitulation-since-2022-signals-potential-bitcoin-rally-ahead/" target="_blank" rel="noopener ">miner capitulation</a>,’ is crucial because a resumption in mining activity is typically viewed as a bullish signal for Bitcoin’s price. 
The indicator itself is derived from the moving averages of the Bitcoin hash rate; specifically, the 30-day and 60-day moving averages. A ‘Buy’ signal occurs when the shorter-term moving average crosses above the longer-term average after a period of miner capitulation, indicating that the worst of the sell-off may be over and a recovery phase is likely imminent. 
Crypto analyst Jelle, known on X as @CryptoJelleNL, <a href="https://x.com/CryptoJelleNL/status/1816003837301264475" target="_blank" rel="noopener nofollow">commented</a>, “Hash ribbons are showing that minor capitulation is over! This signal prints after every halving event, and after major corrections — and suggests the next leg of expansion is just around the corner. Time for 80k+?” 
Further supporting the bullish sentiment, the account @DaFinancialPage <a href="https://x.com/DaFinancialPage/status/1816055049740579203" target="_blank" rel="noopener nofollow">noted</a> on X, “Miner Capitulation. The Hash Ribbons indicator’s blue buy signal has appeared 19 times. Of those, 16 marked Bitcoin’s macro low, giving it an 84% win rate. The 3 times it didn’t, a major correction followed.” 
Thus, the appearance of the hash ribbon ‘Buy’ signal can be interpreted as a strong indicator for the next <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-bullish-nvt-golden-cross-btc-oversold/" target="_blank" rel="noopener ">bullish phase</a> in Bitcoin’s market cycle. However, the three instances when the signal failed to predict a significant rise highlight the inherent risks and uncertainties with every indicator. 
Notably, technical analysis aligns closely with the anticipated target of $80,000 discussed by Jelle. The 1.272 Fibonacci extension is sitting at approximately $79,337. However, before a new all-time high can be explored, Bitcoin must secure support at the 0.618 Fibonacci retracement level at $65,943 in the daily chart, which could act as a critical juncture. Subsequent levels at the 0.786 Fibonacci at $69,384 and the 1.0 Fibonacci at $73,767 serve as potential interim targets. 
At press time, BTC traded at $66,403. 
<img loading="lazy" decoding="async" class="wp-image-631352 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/BTCUSDT_2024-07-24_14-24-02.png?resize=3628%2C1675" alt="Bitcoin price" width="3628" height="1675" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/BTCUSDT_2024-07-24_14-24-02.png?resize=3628%2C1675?w=3628 3628w, https://www.newsbtc.com/wp-content/uploads/2024/07/BTCUSDT_2024-07-24_14-24-02.png?resize=3628%2C1675?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/BTCUSDT_2024-07-24_14-24-02.png?resize=3628%2C1675?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/BTCUSDT_2024-07-24_14-24-02.png?resize=3628%2C1675?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/BTCUSDT_2024-07-24_14-24-02.png?resize=3628%2C1675?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/BTCUSDT_2024-07-24_14-24-02.png?resize=3628%2C1675?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/07/BTCUSDT_2024-07-24_14-24-02.png?resize=3628%2C1675?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/BTCUSDT_2024-07-24_14-24-02.png?resize=3628%2C1675?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/07/BTCUSDT_2024-07-24_14-24-02.png?resize=3628%2C1675?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1">

Bitcoin Price Prints Rare Buy Signal With 84% Win Rate, $80,000 Coming?

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