Bitcoin’s tight trading range mirrored by flat hash ribbons signals impending market movement Andjela Radmilac · 3 hours ago · 2 min read
The current flat pattern observed in the hash ribbons reflects a market in a state of uncertainty, potentially awaiting a catalyst to move.
Cover art/illustration via CryptoSlate
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…