United

Bitcoin

when

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) should see an “explosive rally” next as miners exit their latest capitulation period.
The <a href="https://capriole.com/Charts/" target="_blank" rel="noopener noreferrer nofollow">latest data</a> from the hash ribbons indicator shows that the BTC price now in long-term “buy” territory for the first time since mid-May.
<h2 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 — 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><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">
 <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 &lt; 60 DMA of Hash Rate) have been volatile periods for price, often syncing with major price discounts and long-term opportunities,” hash ribbons’ creator, Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, explains.
On July 23, the indicator exited “capitulation” for the first time in over two months. As <a href="https://cointelegraph.com/news/bitcoin-hash-ribbons-first-buy-signal-25k-btc-price" rel="noopener noreferrer nofollow">Cointelegraph reported</a>, the last exit came in August 2023, 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 noreferrer nofollow">reaction</a> on X alongside price analysis.
<blockquote>
 “Whenever this happens, an explosive rally follows.”
</blockquote>
<figure><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">
 <figcaption style="text-align: center;">BTC/USD chart with hash ribbons data. Source: Mikybull Crypto/X
 </figcaption>
</figure>
Mikybull Crypto <a href="https://x.com/MikybullCrypto/status/1816002695787905174" target="_blank" rel="noopener noreferrer 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 noreferrer nofollow">MiningPoolStats</a> put Bitcoin hashrate at 676 exahashes per second (EH/s) as of July 22.
<figure><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">
 <figcaption style="text-align: center;">Bitcoin hashrate raw data. Source: MiningPoolStats
 </figcaption>
</figure>
<h2 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" rel="noopener noreferrer nofollow">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" rel="noopener noreferrer nofollow">ongoing payouts to creditors</a> of defunct exchange Mt. Gox and <a href="https://cointelegraph.com/news/ethereum-etf-inflows-106-million-first-day-trading" rel="noopener noreferrer nofollow">market reception</a> of the United States spot Ether (<a href="https://cointelegraph.com/ethereum-pricev" rel="noopener noreferrer nofollow">ETH</a>) exchange-traded funds (ETFs).
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

目錄

Cointelegraph

在 2024年7月24日發表的其他文章

XRP climbs 38%: Is this the start of a bull rally?

Ethereum ETF Approval Ignites Market Excitement in the MENA Region

PEPE Eyes $0.00001650 Target: Can It Maintain Bullish Momentum?

$17 JASMY Price Target Gains Momentum as JasmyCoin Reveals Bullish Project Milestones in Japan an...

An Interview With Minotaur Trading Systems

Korea Blockchain Week 2024 Names Movement Labs The Official Conference Partner, Unveils New Headl...

訂閱免費電子報，每天收取加密貨幣最新動態！