Bitcoin Hash Ribbons flash buy signal amid miner stress

A new purchase signal of hash ribbons has flashed for Bitcoin, an indicator historically reliable that the capitulation of minors can open the way to a bullish reversal.

The signal, highlighted in June 5 analysis By the cryptocurrency contributor Darkfost, shows a crossover in Bitcoin (BTC)) Mobile hashrate military of 30 days and 60 days. This scheme has historically preceded major price recoveries and is often triggered when weaker minors capitulate during periods of non-fashing.

“Mining becomes not profitable for some minors, and they are forced to sell BTC to stay operational,” said Darkfost. This can lead to the short term sale Pressure, but it often prepares the longer -term gatherings market as the stress of the network decreases and the offer begins to tighten.

The renewed signal of hash ribbons occurs shortly after the Bitcoin hashrate has reached new peaks of all time, indicating both an intense minor competition And increase energy costs. With the notable exception of the mining ban in China in 2021, Darkfost notes that this dynamic has already aligned with strong accumulation areas.

Chain new data From another cryptocurrency contributor, Amr Taha adds to the bullish feeling. According to Taha, long -term holders have started to accumulate again, and their net ceiling now exceeds $ 20 billion. Such actions of LTHs, entities that have Bitcoin for more than 155 days, are historically before significant bullish periods.

In addition, the centralized exchange activity reveals a tightness Supply environment. Recently, more than 20,000 bitcoins have been withdrawn from Bitfinex and Kraken in two days, and Binance increased its market share in cash trading from 26% to 35% in early June. These two indicate the growing confidence and demand for investors.

Bitcoin is negotiated at $ 104,952 at the time of the press, down 0.4% in the last 24 hours and 6.6% below its summit of $ 111,814 set on May 22. The price remains within a 7 -day range of $ 103,414 to $ 108,776.

The MacD and Momentum indicators point to light lightness, while the RSI is at a neutral 51.68. Although pricing is greater than longer -term support levels, it is lower than significant short -term moving means, such as the simple 20 -day mobile average at $ 106,752. A possible short -term rebound is suggested by the stochastic RSI, which is in territory in which

Bitcoin can retain the top of all time at $ 111,814 if it can recover the SMA of 20 days at around $ 106,752 and exceed the level of $ 108,000. If short -term holders are starting to capitulate, not holding more than $ 103,000 could open the way to a drop to $ 100,000 or less.

Without a clear rebound on demand, any other minor constraint could cause forced sales pressure, which would increase prices below the current consolidation area. Although short -term indicators warn against caution, the macro trend for bitcoin is still optimistic as a whole. The next step will probably be determined by a clear decision above the resistance zone from $ 106,000 to $ 108,000.