In the Bitcoin mining industry, the Hash Ribbons - a comparison of Bitcoin's 30-day simple moving average (30D-SMA) and 60-day double moving average (60D-DMA) - provide key insights. Recently, these indicators have been remarkably flat, reflecting a stagnant phase in the industry and a Bitcoin price stuck between $28,000 and $30,000. This balance can be seen as a sign of network health, but also represents a market in limbo, potentially awaiting a catalyst. What might this mean for future price movements? Historically, such patterns have...
Bitcoin’s tight trading range mirrored by flat hash ribbons signals impending market movement
The current flat pattern observed in the hash ribbons reflects a market in a state of uncertainty, potentially awaiting a catalyst to move.
2 min read
Updated: Aug. 11, 2023 at 2:22 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
