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