[Bitcoin Hashband Shows Shift to Positive Momentum, Bullish Trend Expected]
The Hash Ribbon indicator shows that the Bitcoin (BTC) miner capitulation is coming to an end, which technical analyst Ali Martinez believes signals a shift in price momentum from negative to positive, providing a good buying opportunity.
The Hash Ribbon indicator tracks the moving average of Bitcoin’s hash rate and recently issued a buy signal. Historical data shows that such signals tend to appear when miners regain their energy and predict upcoming price increases.
This signal has occurred only once in the past year and three times in the past two years, each time triggering bullish price action. For example, a similar signal in August 2022 ended the bear market and triggered a rally.
In the short term, Bitcoin is bouncing off support at $63,000 to $64,000. A daily close above $68,300 would establish the bullish outlook. There is resistance between $67,000 and $68,300, a break above this level could push the price towards all-time highs of $72,000 to $74,000. There may be fluctuations and retracements in the short term.
Ali Martinez pointed out that the Hash Ribbon indicator shows that Bitcoin momentum is turning from negative to positive, with a hidden bullish divergence showing that the uptrend will continue. Price trends are likely to be sensitive to key liquidity levels of $63,300 and $67,500 to $69,000.
