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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

The “Biggest” Bitcoin Buy Signal Is Officially Back

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin BTC BTCUSD

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Bitcoin has broken out of the range it traded for months and seems well on its way to reclaiming previous highs. Indicators have been turning decisively bullish, as short positions get liquidated with every new level taken by the bulls.

At the time of writing, BTC trades at $45,858 with a 2.6% and 14.8% profit in the daily chart. The market capitalization sits at around $860 billion, closer to its previous high north of $1 trillion.

Bitcoin BTC BTCUSD
BTC on a rally in the daily chart. Source: BTCUSD Tradingview

After making an upwards move from the lows at $30,000, BTC’s price faced some resistance at $40,000 and $42,000 but was able to turn them into support. The next key resistances were located at $45,000 and $47,000, as trader Justin Bennett said.

The former was reclaimed in the past 24 hours, if the bulls can sustain the bullish momentum, $47,000 should be the final obstacle before a potential move to $65,000, Bitcoin’s previous all-time high. Bennett added:

Flip $47,000 to support on the daily and weekly time frames, and the bull run likely continues to $100,000+. Looking for $40,000 to hold as support.

One of the most bullish and historically accurate Bitcoin indicators, the Hash Ribbons, showed a buy signal during the weekend. The signal was confirmed by its creator, Capriole Investments founder Charles Edwards.

The expert created this indicator by taking BTC’s hash rate and the mining difficulty as moving averages. It’s estimated that Hash Ribbons has helped investors to achieve over 5,000% in returns with an average maximum 20% drawdown once triggered.

The indicator usually signals a buy once a miner’s capitulation event has been completed. This was most likely caused by China’s ban on BTC mining for large operations. With only “strong miners” live on the network, and less selling pressure on the market, Bitcoin has more room for appreciation.

One Final Bitcoin (BTC) Dip Before $100,000?

As our Editorial Director Tony Spilotro pointed out on Sunday, August 8th, the Hash Ribbon made its comeback as a long period of capitulation during June and July. As the chart below shows, this indicator’s buy signal precedes a strong move to the upside.

https://twitter.com/tonyspilotrobtc/status/1424350348144218114?s=21

Tony expects the Hash Ribbon to play out in the next two to one week with a possible retracement to $40,000. In 2017, this indicator preceded the move to $20,000, that year’s all-time high, and in December 2020, it signaled the move to its current ATH. The next could be around $130,000 or more.

Bitcoin BTC BTCUSD
Source: Tony Spilotro via Twitter

Further data shared by Glassnode point out a strong bullish sentiment amongst long-term investors. Unlike previous “bear markets”, these investors’ coins haven’t been spent on the recent rally. Most of the Bitcoin sold on the market is coming from short-term investors, as the chart below suggests.

Bitcoin BTC BTCUSD
Source: Glassnode

This data indicates a “holding behavior” and could support further appreciation if the bulls display similar strength to break above $47,000.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Ad discliamer

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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