Bitcoin has definitely performed on the bullish side The past three weeks. Many investors now believe in the total return. bullish price actions and various technical indicator support this surge in confidence. A hash-ribbon indicator highlights positive Bitcoin price momentum.
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Hash ribbons provide a clear view of the on-chain activities by tracking miners’ behavior, which is known to directly influence the price of the cryptocurrency.
Price Momentum Flips Positive
Crypto analyst Ali Martinez highlighted The hash ribbon is an interesting indicator that appears on the social media site X. According to the analyst, it appears that the hash band is signalling the end of miners capitulation.
The hash-ribbon indicator uses the 60-day and 30-day moving averages of Bitcoin to analyze its hash rate and gauge network activity. If the 30-day average falls below the 60-day it is a sign of miner weakness.
According to the chart, last miners capitulated on 17 June after the moving 30-day average dropped below the moving 60-day average. Recently, the 30-day average has crossed up again. This suggests that there is a positive outlook among miners.
Since April 2024, Bitcoin miners’ daily earnings have been reduced by half. from an average After halving, the revenue dropped from $70 millions to $30. Many miners were forced to sell BTC in order to meet operational costs. Recent data suggests that miners are still a capitulating group. may be nearing its endThe daily mining revenue has increased to over $40 million due to the increase in activity.
Positive Bitcoin Comments Hit Highest Level in 16 Months
Santiment, a crypto-on-chain platform that provides market intelligence, noted the bullishness of Bitcoin among participants has now reached its highest level. Santiment’s data shows the ratio between positive and negative comments made about BTC in social media is at its highest since March 20,23. Investors are becoming more confident about an all-time high.
It is largely due to Bitcoin’s positive mentions at the Bitcoin conference that just ended. Robert F. Kennedy Jr. was the Republican Presidential candidate at the Bitcoin conference. reiterated his bullish Bitcoin: a position on the currency
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Donald Trump, the current Republican candidate and former President of the United States has changed his stance and now supports Bitcoin. Trump has also promised to fire Gary Gensler of the SEC, known for his strict stance towards Bitcoin and other cryptocurrency, will become president if he is elected.
A combination of positive social media sentiment and political support has led to mentions that Bitcoin reached a record-breaking high in august. Bitcoin was trading for $67,500 at the time this article was written.
Chart from TradingView, Vecteezy – Featured Image
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Source: www.newsbtc.com
