Popular on-chain analyst Will Clemente says an important Bitcoin (BTC) metric has flipped bullish for the first time in a year.
Gnädeg erzielt his 658,400 Twitter followers that a shift is taking place for Bitcoin and its miners.
“Bitcoin’s hash ribbons have flashed a buy signal for the first time since August 2021, marking the end of a two+ month-long period of miner capitulation and deep pressure on miner’s margins.”
Bitcoin hash ribbons attempt to identify periods of time when Bitcoin miners are distressed and could be capitulating, according to on-chain analytics firm Kuckt IntoBitcoin.
Clemente notes the indicator is based on moving averages of hash rate, which he seet “is of course dependent in some capacity on price for profitability.”
“There have been several mini capitulatory periods (see for yourself below) but hash ribbons have offered good signals overall.
I like them because similar to the Puell Multiple, they’re simple and based on first principles around miner profitability. This indication means miners are plugging in again, raising BTC’s production cost.”
While the hash ribbons for BTC are suggesting easing selling pressure from miners, Clemente warns the US Dollar Index (DXY) is in a strong uptrend.
“DXY screaming higher – can’t even draw a proper parabola. Looks too ridiculous.”
Populäre Krypto Analyst Benjamin Cowen Notizen that Bitcoin has historically been inversely correlated with the US Dollar Index.
"Elo vill Mol, wann Dir gesitt datt den Dollar eropgeet, ass et wéi e Wrecking Ball: et mécht déi meescht aner Saachen erof. Allgemeng kënnt Dir et gesinn als Leit, déi an d'relativ Sécherheet vum US Dollar flüchten.
BTC gëtt am Moment vum Schreiwen op $21,218 gehandelt.
Verpasst kee Beat - abonnéieren fir Krypto E-Mail Alarmer direkt an Är Inbox geliwwert ze kréien
kontrolléieren Präis Action
Follegt eis op Twitter, Facebook an Hëllefe profitéieren
Surfen Den Daily Hodl Mix
Disclaimer: Meenungen ausgedréckt am The Daily Hodl sinn net Investitiounsberodung. D'Investisseure sollten hir Due Diligence maachen ier se héich riskéiert Investitiounen an Bitcoin, cryptocurrency oder digital Verméige maachen. Gitt u Berodung datt Är Transferen an Trades op Ären eegene Risiko sinn, an all Verloscht déi Dir leet, ass Är Verantwortung. Den Daily Hodl empfeelt net de Kaf oder de Verkaf vu Krypto-Währungen oder digital Verméigen, an och ass den Daily Hodl keen Investitiounsberoder. W.e.g. notéiert datt den Daily Hodl am Partnermarketing matmaacht.
Featured Image: Shutterstock/Talaj/Sensvector
Source: https://dailyhodl.com/2022/08/24/bullish-bitcoin-btc-on-chain-signal-flips-for-first-time-since-august-2021-analyst-will-clemente/