Bitcoin for sure It was executed on the upside. Over the past three weeks, many investors have now become convinced of a full comeback. Rising priceVarious technical indicators support this surge in optimism. Among these indicators is the tick bar, which highlights the positive momentum of Bitcoin’s price.
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The hashtag provides a compelling view of on-chain activity by tracking the behavior of miners, who are known to have a direct impact on the price of a cryptocurrency.
Price momentum turns positive
Cryptocurrency Analyst Ali Martinez Spotlight An interesting phenomenon with the ticker bar indicator on the social media platform X. As the analyst noted, the ticker bar indicates the end of the miners’ capitulation, indicating that the BTC price momentum has turned from negative to positive.
The Hash Bar indicator analyzes Bitcoin’s hash rate using 30-day and 60-day moving averages to measure miner activity and network health. When the 30-day moving average drops below the 60-day, it signals miner capitulation; when it crosses back above the 60-day moving average, it signals a recovery and potential upward price movement.
As shown in the price chart below, the recent capitulation by miners began on June 17 after the 30-day moving average crossed below the 60-day moving average. Recent market dynamics have seen the 30-day moving average cross higher again, indicating that miners now have a bullish outlook.
Bitcoin miners have faced challenges since the halving in April 2024, which has led to a decline in their daily revenue. From average From $70 million before the halving to $30 million after the halving. This drop in revenue has forced many miners to sell their BTC holdings to cover operating costs. However, recent data suggests that miners’ capitulation It may be coming to an end.as increased activity on the Bitcoin network pushed daily mining revenue to over $40 million.
Positive Comments About Bitcoin Hit 16-Month High
Cryptocurrency intelligence platform Santiment remains bullish, suggesting that Bitcoin’s rally among market participants has now peaked. Santiment data reveals that the ratio of positive to negative comments about Bitcoin on social media has risen to its highest level since March 2023 as investors become increasingly optimistic about a new all-time high.
This surge in positive sentiment can be attributed primarily to the positive mentions of Bitcoin at the recently concluded Bitcoin Conference. During the conference, Republican presidential candidate Robert F. Kennedy Jr. gave a speech at the conference. He reiterated his bullish stance. Position on Bitcoin.
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Additionally, former President and current Republican candidate Donald Trump has reversed his previous stance on Bitcoin and expressed his support for the cryptocurrency. Trump also announced Promise to shoot SEC Chairman Gary Gensler, known for his extremely tough approach to Bitcoin and other cryptocurrencies, if elected chairman.
The combination of political support and positive sentiment on social media has sparked talk of Bitcoin hitting an all-time high in August. At the time of writing, Bitcoin is trading at $67,500.
Featured image by Vecteezy, chart by TradingView