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Bitcoin&nbsp;should see an “explosive rally” next as miners exit their latest capitulation period.
The latest data from the hash ribbons indicator <a href="https://capriole.com/Charts/" target="_blank" rel="noopener nofollow">shows</a> that the Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;price is now in long-term “buy” territory for the first time since mid-May.
<h2 data-ct-non-breakable="true" id="bitcoin-miner-capitulation-over-says-hash-ribbons-data">Bitcoin miner “capitulation” over, says hash ribbons data</h2>
Bitcoin hash ribbons track two moving averages of hashrate, which is the estimated combined processing power miners dedicate to the network.
When the 30-day moving average drops below its 60-day equivalent, it suggests miners are struggling. When the opposite occurs, however, a historically reliable buy signal is generated, and considerable BTC price upside can follow.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/f3ace63d-e408-4324-ab33-5772c7bd6471.png" alt="Bitcoin ‘massive rally’ due as buy signal hits for 1st time in a year" title="">
 <figcaption style="text-align: center;">
 Bitcoin hash ribbons. Source: Capriole Investments
 </figcaption>
</figure>
“Given the dominant role of miners in securing Bitcoin supply, through history ‘Miner Capitulations’ (30 DMA of Hash Rate 
On July 23, the indicator exited “capitulation” for the first time in over two months. As Cointelegraph reported, <a href="https://cointelegraph.com/news/bitcoin-hash-ribbons-first-buy-signal-25k-btc-price">the last exit came in August 2023</a>, when BTC/USD traded at under $30,000.
“BTC just witnessed a rare hash ribbon ‘Buy’ signal,” popular trader Mikybull Crypto wrote in a <a href="https://x.com/MikybullCrypto/status/1816001334090318042/photo/1" target="_blank" rel="noopener nofollow">reaction</a> on X alongside price analysis.
<blockquote data-ct-non-breakable="true">
 “Whenever this happens, an explosive rally follows.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/091ebda4-0fbc-42d3-9538-3f6b306561c3.png" alt="Bitcoin ‘massive rally’ due as buy signal hits for 1st time in a year" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart with hash ribbons data. Source: Mikybull Crypto
 </figcaption>
</figure>
Mikybull Crypto <a href="https://x.com/MikybullCrypto/status/1816002695787905174" target="_blank" rel="noopener nofollow">added</a> in a separate post that traders should “get ready for a massive rally.”
Raw data from monitoring resource <a href="https://miningpoolstats.stream/bitcoin" target="_blank" rel="noopener nofollow">MiningPoolStats</a> put Bitcoin hashrate at 676 exahashes per second as of July 22.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/d6fcda35-3c43-48e0-8717-fe5227ba2fe7.png" alt="Bitcoin ‘massive rally’ due as buy signal hits for 1st time in a year" title="">
 <figcaption style="text-align: center;">
 Bitcoin hashrate raw data. Source: MiningPoolStats
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="btc-price-upside-pauses">BTC price upside pauses</h2>
BTC price action meanwhile finds itself in a state of flux on lower timeframes after a recovery that initially lifted the market past $68,000.
Related: <a href="https://cointelegraph.com/news/bitcoin-trader-warns-local-btc-price-top-530m-etf-inflow">Bitcoin trader warns of local BTC price top after $530M ETF inflows</a>
Sell-side concerns remain, stemming from <a href="https://cointelegraph.com/news/mt-gox-3-2b-bitcoin-outflows-july-23">ongoing payouts to creditors</a> of defunct exchange Mt. Gox <a href="https://cointelegraph.com/news/ethereum-etf-inflows-106-million-first-day-trading">and market reception</a><a href="https://cointelegraph.com/news/ethereum-etf-inflows-106-million-first-day-trading"></a> of the United States spot Ether (<a href="https://cointelegraph.com/ethereum-pricev">ETH</a>) exchange-traded funds.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin ‘massive rally’ due as buy signal hits for 1st time in a year

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Cointelegraph

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