• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
Bitcoin price hash ribbons

Bitcoin Hash Ribbons Trigger Buy Signal, Has Miner Capitulation Concluded?

Jake Simmons by Jake Simmons
2 weeks ago
in Bitcoin
Reading Time: 3 mins read
Advertisement

The collapse of FTX triggered a historic event for the Bitcoin market. In late November, the hash ribbons indicator signaled the beginning of a second wave of Bitcoin miner capitulation within one cycle. As NewsBTC reported, the hash rate dropped dramatically while some of the largest miners reported bankruptcy and dumped their BTC holdings on the market.

However, this poor state of the Bitcoin mining industry and the associated pressure on the Bitcoin price may have come to an end. As the net position change of miners already indicated since the beginning of January, the selling pressure has decreased significantly.

For the first time in over four months, miners had been hodling BTC instead of dumping the majority of their coins. The termination of the strong selling pressure from Bitcoin miners is now also confirmed by the hash ribbon indicator.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.
No Deposit 40 FREE SPINS at Wild.io on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!
Related Reading: Bitcoin Price Resumes Increase as The Crypto Bulls Take Control

As the chart below shows, the hash bands are displaying a bullish cross. “Miners have stopped selling and are now plugging in machines at a sufficient rate to declare this period of miner capitulation over,” stated Will Clemente from Reflexivity Research.

Bitcoin hash ribbons
Bitcoin hash ribbons, Source: Glassnode

What Does This Mean For Bitcoin?

The hash ribbon is a market indicator that assumes BTC tends to hit a bottom when miners capitulate. Currently, the hash ribbons indicate that the worst of the miner capitulation is over as the 30-day MA of the hash rate crossed over the 60d MA.

In other words: When the hash ribbons indicate a cross, it signifies a paradigm shift. This is historically an extremely good buying opportunity. As Charles Edwards once said, it may be the strongest buy signal of all.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Why? Because the hash rate is a leading indicator for identifying capitulation to mining difficulty. Since the mining difficulty, unlike the hash rate, is not adjusted daily, but only every 2,016 blocks, the difficulty lags behind the hash rate by as much as two weeks.

Related Reading: Bitcoin Funding Rates Hit 14-Month High – What Could This Mean For The Market Leader?

Therefore, the difficulty is a somewhat lagging indicator of miner capitulation. But difficulty also shows the growing euphoria among miners. Bitcoin initiated a mining difficulty adjustment yesterday at block height 772,128. Mining difficulty climbed 10.26% to 37.59T, a record high.

This also confirms the thesis that miners are increasingly plugging their miners back into the network. The hashrate of the entire network is now 269.02 EH/s, also approaching its highs again. Thus, miners are clearly signaling their bullish sentiment.

The creator of the hash ribbon indicator, Charles Edwards, tweeted:

Hash Ribbon buy confirmed. The signal date was the second lowest price in the last 48 days. Our December newsletter: ‘a price low typically forms during the capitulation and before we see hash rate recover. Sometimes the first candle of the miner capitulation is the price low.’

At press time, Bitcoin was trading at $21,118. On the daily chart, the RSI was at 89, indicating an overbought territory.

Bitcoin price BTC USD
Bitcoin in overbought territory, 1-day chart | Source: BTCUSD on TradingView.com
Featured image from Michael Fortsch / Unsplash, Chart from TradingView.com
Tags: bitcoinbtchash ribbons
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Jake Simmons

Jake Simmons

Related Posts

U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

20 hours ago
Bitcoin U.S. institutional investors

U.S. Institutions Are Driving Bitcoin Prices, Matrixport Research

1 day ago
Bitcoin

Bitcoin Exchange Outflows Reach Highest Value Since FTX Crash, Bullish?

2 days ago
Bitcoin Investors Turn Greedy For First Time Since March 2022

Bitcoin Investors Turn Greedy For First Time Since March 2022

2 days ago
Bitcoin Supply In Loss

Bitcoin Supply In Loss Hits A 9-Month Low

2 days ago
Bitcoin Retracement

Bitcoin Hash Rate Registers New Highs, A Selloff Imminent?

2 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
Metaspins

Metaspins

Review · Visit
Coinplay

Coinplay

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Fantom (FTM) founder makes announcement as they complete 100% rally, Solana (SOL) development updates & Why investors are flocking to Snowfall Protocol (SNW)

January 29, 2023

Dogecoin (DOGE) and Axie Infinity (AXS) Don’t Offer The Same 1000x Potential As Snowfall Protocol (SNW) According To Market Analysts

January 29, 2023

Crypto Market News Live: Aptos Soars Another 60% This Week in A Continued Price Rally, PancakeSwap Burns $100m Worth Of CAKE, Snowfall Set to Moon After Exceptionally Successful Presale Campaign

January 29, 2023

BudBlockz’s 220% Growth Puts It Ahead of Dogelon Mars and Floki Inu

January 28, 2023

MATIC Gains Over 20% As Polygon Network Records Biggest Whale Transaction Of 2023

January 28, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.