CryptoQuant analysis indicates that the Hash Ribbons indicator's latest data shows a buy signal for Bitcoin. This indicator evaluates the level of pressure in the mining ecosystem by comparing the 30-day and 60-day moving averages of hash rate. The analysis points out that with Bitcoin's hash rate recently hitting a historical high, miners are facing short-term pressure and may be forced to sell Bitcoin to maintain operations. This selling often creates long-term buying opportunities.
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Analysis: Hash Ribbons indicator sends a buy signal for Bitcoin
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