On June 5, CryptoQuant analyst Darkfost said the latest data showed a buy signal for Bitcoin from the Hash Ribbons indicator, which assesses the stress level of the miner ecosystem by comparing hash rate 30-day and 60-day moving averages. The analysis points out that with the recent all-time high of bitcoin hashrate, miners are under short-term pressure and may be forced to sell bitcoin to stay afloat, and this sell-off tends to create long-term buying opportunities.
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CryptoQuant Analyst: Hash Ribbons Indicator Issues Bitcoin Buy Signal
On June 5, CryptoQuant analyst Darkfost said the latest data showed a buy signal for Bitcoin from the Hash Ribbons indicator, which assesses the stress level of the miner ecosystem by comparing hash rate 30-day and 60-day moving averages. The analysis points out that with the recent all-time high of bitcoin hashrate, miners are under short-term pressure and may be forced to sell bitcoin to stay afloat, and this sell-off tends to create long-term buying opportunities.