Bitcoin miners are sending a clear message: they’re more bullish than ever. As we observe new all-time highs in the Bitcoin network’s hash rate, the commitment of miners underscores their confidence in the asset’s long-term potential.
Follow Bitcoin Magazine Pro on X.com for daily Bitcoin charts.
The Hash Ribbons indicator provides insight into miner activity and sentiment by analyzing the 30-day and 60-day moving averages of Bitcoin’s hash rate. When the 30-day moving average crosses above the 60-day, it suggests a positive shift, often interpreted as miner capitulation coming to an end. This shift typically signals that weaker miners have exited the market, leaving only resilient participants and setting the stage for potential price recovery.
As the Bitcoin network’s hash rate climbs to new peaks, it highlights the increasing amount of computational power devoted to securing the blockchain. This rise not only reflects strong miner confidence but also enhances the network’s resilience and security. In the current climate, these hash rate highs indicate that miners are holding their ground, undeterred by market fluctuations.
The chart above shows a recent bullish crossover in the Hash Ribbons, indicating the end of miner capitulation. Historically, these crossovers have often aligned with favorable price action in the weeks and months that follow. With hash rate reaching unprecedented levels, this crossover suggests that miners anticipate a period of sustained growth.
For an in-depth look at the Hash Ribbons Indicator and to stay updated with future movements, visit the source here: Bitcoin Magazine Pro.
Read More[#item_full_content]Bitcoin Magazine – Bitcoin News, Articles and Expert Insights
The current Bitcoin (BTC) rally could extend until mid-2025, with a potential price peak before…
Bitcoin price extended gains above $90,000. BTC is now consolidating gains near $90,000 and might…
Bitcoin (BTC) has hit new highs in recent days, with many users of crypto betting…
In founding editor Bradley Keoun's last issue of The Protocol, CoinDesk's weekly newsletter devoted to…
Bitcoin has reached a new all-time high of $90,243 following a week of relentless upward…
Predicting Bitcoin's price has always been a hot topic for investors. Matt Crosby, lead market…