RATE Group | Bitcoin Fell 50% From $6,000 in 2018 After this Key Signal Lit, and it’s Flashing Again
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Bitcoin Fell 50% From $6,000 in 2018 After this Key Signal Lit, and it’s Flashing Again

15 Nov Bitcoin Fell 50% From $6,000 in 2018 After this Key Signal Lit, and it’s Flashing Again

Posted at 02:58h in Bitcoin News by

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The final nail was just put in the coffin of bulls. An indicator that tracks the health of the Bitcoin (BTC) mining ecosystem has just flashed bearish for the first time in a year, signaling impending capitulation.

Related Reading: Bitcoin Open Interest May Act as Rocket Fuel for Explosive Bull Movement

Bitcoin Miners Ready to Capitulate

Just last month, the price of BTC surged by 42% from $7,300 to $10,500 in a day’s trading session, marking the fourth-largest upward move in the history of the cryptocurrency. Unfortunately for bulls though, this jaw-dropping surge hasn’t done much to reverse a medium-term bear trend that has formed over the past few months. In fact, a key selling signal just flashed, despite the aforementioned move.

As pointed out by cryptocurrency commentator Cole Garner, the Hash Ribbons — an indicator tracking the health of Bitcoin’s hash rate — has just seen a bearish crossover. While this may not mean much in and of itself, the bearish crossover of the…

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