RATE Group | Why Bitcoin Price Just Got a Major Boost For the Next Rally
72979
wp-singular,post-template-default,single,single-post,postid-72979,single-format-standard,wp-theme-bridge,wp-child-theme-bridge-child,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
 

Why Bitcoin Price Just Got a Major Boost For the Next Rally

23 Dec Why Bitcoin Price Just Got a Major Boost For the Next Rally

Posted at 00:15h in Cryptocurrency News by

[ad_1]

If you’ve been on Crypto Twitter, you’ve likely heard the term “miner capitulation” time and time again in reference to Bitcoin.

For those who missed the memo, when BTC started to tank last month, the Bitcoin network’s hash rate began to stall, failing to grow after months of growth in the cryptocurrency mining ecosystem. This trend led the Hash Ribbons, an indicator tracking moving averages of Bitcoin’s hash rate, to see a bearish crossover, resulting in an event known as “miner capitulation.”

Related Reading: Lightning Works: Bitcoin Podcaster Finds Restaurant Shunning Banks for BTC

The bearish crossover in the Hash Ribbons was last seen just before the now-infamous crash from $6,000 to $3,000 in late-2018. So, when this signal flashed last month, investors feared the worse, claiming that Bitcoin was about to fall off a cliff again.

And it did. Kinda. Since the Hash Ribbons crossed, the cryptocurrency has collapsed from $8,200 to as low as $6,400.

Though, it seems as…

[ad_2]

Source link

Tags:
, , , ,