Main Bitcoin (BTC) indicators point to renewed strength on the market. The cryptocurrency has posted steady price recovery over the past couple of weeks striking a 24 hour high today of $69,217 before hitting the $70,000 marker.
Throughout the day, BTC has seen a 1.6% gain to trade at $68,644. An indicator regarding the activity on Bitcoin hash rate, akaHash Ribbons, that CryptoQuant analyst Darkfost identified a ‘buy’ signal for as it tracked shifts in the asset’s hash rate.
Bitcoin Selling Pressure Reduces
This signal has historically correlated with long term price rallies, save during the COVID-19 pandemic. The data suggests a mid-term rally for BTC, Darkfost points out. On top of that, onchain analyst Avocado highlighted miner behaviour as a main bullish factor.
As people are avoiding selling, the selling pressure reduces, which means the price cycles of Bitcoin are created by miners and they are keeping BTC instead of liquidating it. The Miner Position Index (MPI), which gauges miners’ flow to exchanges, indicates little selling, which suggests more elevated prices on the horizon.
Further, as block rewards increase (reflecting increased network activity) as a potential indicator of a future price rally.
These signals confirm Bitcoin is likely on the road to a new wave of growth for the digital asset, say analysts.
