Technical Indicators Show Strong Bitcoin Bullishness – New ATH On The Horizon?

Quick Summary:

As noted by the analyst, the hash ribbon is signaling the end of miner capitulation, which suggests that the BTC price momentum has shifted from negative to positive.  The hash ribbon indicator analyzes Bitcoin’s hash rate using the 30-day and 60-day moving averages to gauge miner activity and network health.

Recent market dynamics have seen the 30-day moving average crossing back up, suggesting that miners are now at a bullish outlook.  Bitcoin miners have faced challenges since the April 2024 halving, which reduced their daily revenue from an average of $70 million pre-halving to $30 million post-halving.

Trump also promised to fire SEC Chairman Gary Gensler, who is known for his very strict approach towards Bitcoin and other cryptocurrencies, if elected president.    The combination of political support and positive sentiment on social media has fueled mentions of Bitcoin reaching a new all-time high in August.

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Article Details

Author / Journalist: Scott Matherson

Category: Crypto

Markets: United Kingdom

Topics: Btcusd Price action Btc Price analysis Cryptocurrency Market News Bitcoin Crypto

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-28 @ 16:00:43 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 465 words

Reading Time: 3 minutes read

Sentences: 64 lines

Sentence Length: 8 words per sentence (average)

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Copyright Owner: © NewsBTC

News ID: 21810333

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About NewsBTC

Main Topics: Crypto

Official Website: newsbtc.com

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News Last Updated: 16 hours ago

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