A New Positive Signal for bitcoin?
A fresh Hash ribbons buy signal has appeared for Bitcoin,a historically reliable indicator that may suggest a bullish reversal is on the horizon. According to an analysis by CryptoQuant contributor Darkfost on June 5, this signal occurs when Bitcoin’s 30-day and 60-day hashrate moving averages cross over.
This pattern has often preceded significant price recoveries in the past. It usually happens when weaker miners are forced to sell their Bitcoin due to unprofitability,creating short-term selling pressure. Though, as network stress eases and supply tightens, the market frequently enough prepares for longer-term rallies.
Darkfost notes that this new Hash Ribbons signal comes after Bitcoin’s hashrate reached new all-time highs. This indicates intense miner competition and rising energy costs. Despite the 2021 China mining ban being an exception, this dynamic has historically aligned with strong accumulation zones.
- New on-chain data from CryptoQuant’s amr Taha supports this bullish sentiment.
- long-term holders (LTHs) have started accumulating again, with a net realized cap over $20 billion.
Such actions by LTHs, who hold Bitcoin for more than 155 days, have often come before significant bullish periods.
Centralized exchange activity also shows a tightening supply surroundings. Over 20,000 Bitcoin were withdrawn from Bitfinex and Kraken in just two days, while Binance’s spot trading market share grew from 26% to 35% in early June.This suggests growing investor confidence and demand.
At press time, Bitcoin is trading at $104,952, down 0.4% over 24 hours.While short-term indicators show mild bearishness, the macro trend remains bullish. A clear move above the $106,000–$108,000 resistance zone could signal the next leg up for Bitcoin.
