Key Takeaways
- Bitcoin hash ribbons signal a 'buy' for the first time in 2024.
- Miners' capitulation period ends, indicating potential for a price rally.
- BTC hashrate at 676 exahashes per second as of July 22.
Bitcoin is poised for a significant rally after miners exited their latest capitulation period, according to the hash ribbons indicator.
The hash ribbons, which track the estimated combined processing power miners dedicate to the Bitcoin network, have signaled a long-term “buy” for the first time since mid-May.
This indicator considers the 30-day moving average and the 60-day moving average of the hashrate.
When the 30-day average rises above the 60-day, it suggests that miners are no longer struggling, generating a historically reliable buy signal, according to CT.
On July 23, the hash ribbons exited “capitulation” for the first time in over two months. The last exit occurred in August 2023, when Bitcoin traded at under $30,000. This change suggests a bullish trend, with popular trader Mikybull Crypto predicting an “explosive rally” based on the signal.
Mikybull Crypto noted:
BTC just witnessed a rare hash ribbon ‘Buy’ signal.
This indicates that traders should prepare for a substantial price increase, according to CT.
Current raw data from MiningPoolStats shows Bitcoin’s hashrate at 676 exahashes per second as of July 22, highlighting the robust processing power behind the network.
View live hash ribbons indicator chart ->
