bitcoin Signals a Potential Bullish Reversal with New Hash Ribbons Buy Signal
A new Hash Ribbons buy signal has emerged for Bitcoin,suggesting a possible bullish turn. This indicator, noted by CryptoQuant’s Darkfost on June 5, shows a crossover in Bitcoin’s 30-day and 60-day hashrate moving averages. Historically, this pattern has led too significant price recoveries.
When mining becomes unprofitable, weaker miners sell Bitcoin to stay afloat. This short-term selling pressure can lead to longer-term rallies as network stress decreases and supply tightens. Bitcoin’s hashrate recently hit all-time highs, showing intense miner competition and rising energy costs.
Amr Taha, another CryptoQuant contributor, adds to teh bullish sentiment. Long-term holders (LTHs) are accumulating again, with their net realized cap exceeding $20 billion. This behavior has historically preceded significant bullish periods.
Centralized exchange activity also indicates a tightening supply surroundings. Over 20,000 Bitcoin were withdrawn from Bitfinex and Kraken in two days. Binance’s spot trading market share grew from 26% to 35% in early June, showing growing investor confidence.
Bitcoin is currently trading at $104,952, down 0.4% over 24 hours. short-term indicators show mild bearishness, but the macro trend remains bullish. A move above the $106,000–$108,000 resistance zone could retest the all-time high of $111,814.
