Indeed, the Bitcoin price has been on a sizzling streak in latest weeks, returning to its previous heights most traders have change into accustomed to. However, the previous week was a considerably quiet one for the premier cryptocurrency, because it was for a lot of the digital asset market.
Interestingly, the newest on-chain insights counsel that the crypto market, particularly the Bitcoin market, may not be inactive for too lengthy.
BTC Price Momentum Shifts To Positive – Impact On Price?
In a latest put up on the X platform, in style crypto pundit Ali Martinez revealed that Bitcoin miner capitulation has seemingly come to an finish. This on-chain statement relies on a shift within the Glassnode Hash Ribbon indicator, which measures BTC’s hash fee.
Related Reading
Typically, the Hash Ribbon options two transferring averages; together with the short-term (30-day) and long-term (60-day) hash fee. A cross of the short-term transferring common beneath the long-term transferring common implies miner capitulation, which is characterised by widespread sell-offs by miners.
On the opposite hand, when the 60-day ribbon falls underneath the 30-day ribbon, it signifies the tip of capitulation and the potential begin of a restoration part for the community. As proven within the chart beneath, this optimistic cross seems to be the present state of affairs for Bitcoin, signaling an optimistic future for the flagship cryptocurrency.
Ultimately, because of this Bitcoin miners are returning to the community and restarting operations, as they change into extra worthwhile. From a historic standpoint, the end of miner capitulation is a bullish signal, because it usually precedes important worth leaps for the premier cryptocurrency. Martinez highlighted this in his put up on X, saying “this could present good buying opportunities.”
Another indicator that helps this on-chain revelation is the Bitcoin Miner Profit/Loss Sustainability metric, which measures how honest miner revenues are. According to the newest data from CryptoQuant, the BTC miners have been making some revenue over the previous few days, placing them within the pretty paid area of the indicator.
Bitcoin Price At A Glance
As of this writing, the worth of Bitcoin stands at round $68,230, reflecting a mere 0.7% improve within the final 24 hours. As earlier inferred, the premier cryptocurrency had an uneventful week by way of worth motion, dancing between the $64,000 and $68,000 vary.
Related Reading
According to information from CoinGecko, the BTC worth elevated by barely 1% up to now week. Nevertheless, the cryptocurrency retained its place as the most important digital asset within the sector, with a market capitalization of greater than $1.33 trillion.
Featured picture from iStock, chart from TradingView
