RATE Group | Bitcoin Indicator that Logged 5,378% Average Returns Flashes Again
86831
post-template-default,single,single-post,postid-86831,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin Indicator that Logged 5,378% Average Returns Flashes Again

27 Apr Bitcoin Indicator that Logged 5,378% Average Returns Flashes Again

Posted at 13:21h in Bitcoin News by

  • A bullish technical indicator in the bitcoin market flashed for the first time since December 2019.
  • The tool studies the behavior of bitcoin producers – the miners – to identify potential price tops and bottoms.
  • It now indicates that bitcoin price has bottomed out near $3,800 in March 2020.

A black swan event in March 2020 saw the bitcoin price crashing from circa $8,000 to near $3,800 in just two days. But that has not deterred the cryptocurrency from pursuing an extended bull run.

That is according to Bitcoin’s Hash Ribbon readings, a tool that identifies when miners are capitulating/accumulating their crypto rewards. When moving averages of bitcoin’s hash rate and difficulty crosses over, it indicates that miners are dumping their holdings.

Meanwhile, when the one-m0nth MA moves above two-month MA, it indicates a buy signal. Earlier this April, bitcoin logged a similar pattern, indicating a new accumulation phase has already begun, as shown in the weekly chart below.

bitcoin, cryptocurrency, btcusd, crypto

BTCUSD…

Source link

Tags:
, , , , , ,