The Hash Ribbon indicator suggests that Bitcoin (BTC) miner capitulation is ending. It signals a potential shift from negative to positive price momentum, according to a technical analyst Ali Martinez. This development could offer good buying opportunities.
Hash Ribbon’s Buy Signal Could Lead to Bitcoin Price Increase
The Hash Ribbon indicator follows the Bitcoin hash rate moving averages and has recently issued a buy signal. In the past such signals have proved helpful in predicting an imminent rise in price as they tend to occur when miners regain their strength.
This signal has been given only once in the past year and three times in the last two years and all generated bullish price movements. For instance, a similar signal in August 2022 triggered an end of the bear market and a rally.
Bitcoin Eyes $68,300 for Bullish Confirmation Amid Support Recovery
In the short term, it has recovered from the $63,000-$64,000 support level. A bullish outlook could be ascertained from a daily close above $68,300. At the very least, resistance is between $67,000 and $68,300, and breaking through this level could lead to the $72,000 – $74,000 all-time highs. However, short term fluctuations and potential retracements are expected.
The Hash Ribbon indicator is signaling a shift from negative to positive momentum for Bitcoin, as noted by technical analyst Ali Martinez. It appears that there is a new hidden bullish divergence, which can be a sign that the upward trend will continue. Price trends may be sensitive to key liquidity levels of $63,300 and around $67,500-$69,000.
