The Bitcoin Hash Ribbons is signaling a buy as BTC hovers near $90,000. The indicator has historically proven reliable in spotting bottoms, reflecting miner pressure and forced-selling phases that create long-term accumulation opportunities.
Miners have accelerated their sales since October, reducing around 5,000 Bitcoins from known reserves, which remain near 1.8 million. Bitcoin is trading between the yearly open at $93,000 and the $90,000 demand zone, highlighting trader indecision.
Technically, BTC needs to surpass the $92,000 resistance and the 200-period SMA to break the downtrend and aim for a recovery toward $100,000. Falling below $90,000 could extend a correction down to $40,000. The Hash Ribbons signal confirms the critical pressure phases the BTC market is currently experiencing.
Source: https://capriole.com/charts/?chart=hash-ribbons
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