bitcoin definitely has made on the bullish side over the past three weeks. Many investors are now convinced of the full recovery of bitcoin-2024-us-senator-fights-to-bring-crypto-back-into-the-communities/” target=”_blank” rel=”nofollow”>bullish price tostocks and various technical indicators support this increase in optimism. One such indicator is the hash bar, which highlights positive momentum in the bitcoin price.
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The hash tape provides compelling insight into on-chain activity by tracking the behavior of miners, who are known to have a direct influence on the price of the cryptocurrency.
Price momentum turns positive
Cryptocurrency analyst Ali Martinez x.com/ali_charts/status/1817150968678523141″ target=”_blank” rel=”nofollow”>Outstanding an intriguing phenomenon with the hash ribbon indicator on social media platform x. As noted by the analyst, the hash ribbon is signaling the end of miner capitulation, suggesting that btc price momentum has turned from negative to positive.
The Hash Ribbon indicator analyzes bitcoin’s hash rate using the 30-day and 60-day moving averages to measure miner activity and network health. When the 30-day moving average falls below the 60-day, it signals miner capitulation; when it crosses back above it, it signals a recovery and potential bullish price action.
As shown in the price chart below, the latest capitulation for miners began on June 17 after the 30-day moving average crossed below the 60-day moving average. Recent market dynamics have seen the 30-day moving average cross back up, suggesting that miners now have a bullish outlook.
bitcoin miners have faced challenges since the April 2024 halving, which reduced their daily incomebitcoin%20Miners%20Revenue%20Per%20Day%20is%20at%20a%20current%20level,31.96%25%20from%20one%20year%20ago.” target=”_blank” rel=”nofollow”> of an average from $70 million before the halving to $30 million after the halving. This drop in revenue forced many miners to sell their btc holdings to cover operating costs. However, recent data indicates that miner capitulation It may be nearing its endas increased activity on the bitcoin network pushed daily miner revenue above $40 million.
Positive comments about bitcoin reach their highest level in 16 months
Continuing the optimistic mood, cryptocurrency on-chain intelligence platform Santiment noted that bitcoin optimism among market participants is now at an all-time high. Santiment’s data reveals that the ratio of positive to negative comments about btc on social media has risen to its highest level since March 2023 as investors become increasingly optimistic about a new all-time high.
This surge in positive sentiment can be primarily attributed to favorable mentions of bitcoin at the recently concluded bitcoin conference. During the conference, Republican presidential candidate Robert F. Kennedy Jr. bitcoin-reserve/” target=”_blank” rel=”nofollow”>reiterated his optimism Stance on bitcoin.
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In addition, former President and current Republican candidate Donald Trump modified his previous stance on bitcoin and expressed his support for the cryptocurrency. Trump also x.com/CollinRugg/status/1817298331355500999″ target=”_blank” rel=”nofollow”>promised to fire SEC Chairman Gary Gensler, known for his very strict approach towards bitcoin and other cryptocurrencies, if elected chairman.
The combination of political support and positive sentiment on social media has fueled mentions of bitcoin hitting a new all-time high in August. At the time of writing, bitcoin is trading at $67,500.
Featured image from Vecteezy, chart from TradingView
