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Bitcoin Price- Bitcoin Poised for Significant Surge as Hash Ribbons Flash Buy Signals

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Bitcoin Price- Bitcoin Poised For Significant Surge As Hash Ribbons Flash Buy Signals

Bitcoin Price Could Rise Dramatically with New Buy Signals from Hash Ribbons

Bitcoin Price– A key technical gauge that cryptocurrency analysts watch has looked very bullish for bitcoin lately and it could mean the leading digital currency is poised for a huge rally. Far before ex-President Donald Trump is due to speak in Nashville, this indicator has flashed. Then how high Bitcoin could go in the near future?

Bitcoin Poised for a Massive Surge According to Hash Ribbon Indicator

With Bitcoin (BTC) currently at $67,549; The hash ribbons indicator suggests that a strong bullish momentum might appear correspondingly. A common metric is to check two moving averages of the hashrate for a given network, which represents the computational power miners spend.

The occurrence was previously reported by Cointelegraph, which outlined a hash ribbons buy based on the daily chart earlier in this year for the first time since last July. Amplifying further on this positive note, the five-day chart is now showing a buy signal as signaled by one popular crypto analyst Titan of Crypto.

Bitcoin Price- Bitcoin Poised For Significant Surge As Hash Ribbons Flash Buy Signals
BTC/USD, 5-day chart. Source: Titan of Crypto

If Bitcoin reaches the $70,000 mark, short liquidations could surpass $1 billion.

At the same time, some traders are forecasting a strong upward move for Bitcoin. However, there’s also a risk that it could drop to around $62,000. In a post on X (formerly Twitter) on July 26, popular trader Crypto Ed expressed his view:

I was anticipating a corrective bounce, but we might see another dip towards $62,000, or even lower.

Bitcoin Price- Bitcoin Poised For Significant Surge As Hash Ribbons Flash Buy Signals
BTC/USD, 1-week chart. Source: Rekt Capital

However, Bitcoin will need to overcome significant resistance at the $68,500 level first. Breaking through this point could trigger the liquidation of over $560 million in leveraged short positions, according to data from Coinglass.

Bitcoin Price- Bitcoin Poised For Significant Surge As Hash Ribbons Flash Buy Signals
BTC/USD chart. Source: Crypto Ed

For the latest in crypto updates, keep tabs on Crypto Data Space.

Bitcoin Price- Bitcoin Poised For Significant Surge As Hash Ribbons Flash Buy Signals
Written by
sevval

Şevval has been actively writing since 2022 and is a third-year mathematics student at Ankara University. Her interest in writing is shaped particularly around innovative technologies such as Web3, artificial intelligence, and blockchain. She closely follows developments in these fields and aims to convey complex topics to readers in a clear and engaging manner. She enjoys combining her mathematical knowledge with technology to create content and strives to raise awareness about the digital world of the future.

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