• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: How Uniswap Was Deployed On The Binance Smart Chain
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: How Uniswap Was Deployed On The Binance Smart Chain

Why Bitcoin Price Just Got a Major Boost For the Next Rally

Nick Chong by Nick Chong
3 years ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

If you’ve been on Crypto Twitter, you’ve likely heard the term “miner capitulation” time and time again in reference to Bitcoin.

For those who missed the memo, when BTC started to tank last month, the Bitcoin network’s hash rate began to stall, failing to grow after months of growth in the cryptocurrency mining ecosystem. This trend led the Hash Ribbons, an indicator tracking moving averages of Bitcoin’s hash rate, to see a bearish crossover, resulting in an event known as “miner capitulation.”

Related Reading: Lightning Works: Bitcoin Podcaster Finds Restaurant Shunning Banks for BTC

The bearish crossover in the Hash Ribbons was last seen just before the now-infamous crash from $6,000 to $3,000 in late-2018. So, when this signal flashed last month, investors feared the worse, claiming that Bitcoin was about to fall off a cliff again.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

And it did. Kinda. Since the Hash Ribbons crossed, the cryptocurrency has collapsed from $8,200 to as low as $6,400.

Though, it seems as though the era of miner capitulation is over, marking a huge boost for bulls in the medium to long-term outlook.

Bitcoin Miner Capitulation Over?

According to a custom “miner capitulation” indicator on TradingView, “recovery,” meaning the end of the miner capitulation phase, has just started on the one-day Bitcoin chart. This marks an end to the month-long miner capitulation that has plagued investors over recent weeks.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

The reversal of the miner capitulation comes on the back of cryptocurrency data sites registering that the Bitcoin network’s hash rate recently hit an all-time high, seemingly reverting the capitulation that was taking place.

It's good to see hashrate pushing back to all time highs here for the health of Bitcoin's network pic.twitter.com/kSwLK5IH75

— //Ethereum ?ack ? (@BTC_JackSparrow) December 22, 2019

What’s notable about the “recovery” signal flashing is that this very signal marked a series of previous macro bottoms in Bitcoin’s price history.

NewsBTC’s analysis of the indicator found that “recovery” was seen at the start of January 2019, prior to BTC’s rally to $4,000, then $5,000, and so on; in August of 2016 after the previous halving, which kicked off a parabolic bull run that took Bitcoin to $20,000; and in 2015, prior to the moves that brought Bitcoin to $1,000 for the second time in history.

Related Reading: Crypto Market’s Long-Term Trend is Positive: Binance CEO Explain Why

But Wait, There’s More

This isn’t the only thing that should have bulls enthused.

CoinList’s Andy Bromberg argued that “we are seeing a level of building that has happened in 2019 [which makes it feel like] we’re in the moment of everyone is putting on their jumpsuits, ready to take off,” referencing the fundamental developments that Bitcoin, Ethereum, and other blockchains (and the firms backing them) have seen this year. Bromberg added that this level of building hasn’t been seen since 2017, boding well for prices in the future.

Related Reading: Crypto Tidbits: Bitcoin Returns to $7,200, Ripple Bags $200M Cheque, Tron CEO Donates to Greta Thunberg
Featured Image from Shutterstock
Tags: bitcoincryptocurrencymarketminer capitulationprice
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin Whale

Bitcoin Whale Activity Reaches Highest Weekly Levels Of 2023

33 mins ago
Bitcoin $1 million

Bitcoin To $1 Million? Why Hyperinflation Is Unlikely In The US

4 hours ago
Bitcoin Proof of work

$1 Million For 1 Bitcoin Possible Says This Report, Here’s Why

17 hours ago
Bitcoin

$28.7K Could Be Next Level To Break For Bitcoin, Here’s Why

18 hours ago
FOMC Decision Will Push Bitcoin Up Or Down? The $30,000 Question

FOMC Decision Will Push Bitcoin Up Or Down? The $30,000 Question

20 hours ago
Bitcoin

Here’s What John Lennon’s Son Thinks About Bitcoin

23 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Why is Avorak AI Pumping? – a Guide To AI Cryptos, Fetch.ai, SingularityNET, And More

March 22, 2023

Altcoin News Roundup: Orbeon Protocol (ORBN), VeChain (VET), and Litecoin (LTC) Make Headlines

March 22, 2023

TMS Network (TMSN) Continues to Grow, Polygon (MATIC) Partners with Salesforce as Polkadot (DOT) Partners with Stellar

March 22, 2023

Why Investors and Traders Are Accumulating Shiba Inu (SHIB), Fetch.ai (FET), and TMS Network (TMSN)

March 22, 2023

The Most Exciting Cryptocurrencies Not To Miss in March, 2023: TMS Network (TMSN), Terra Classic (LUNC) and Algorand (ALGO)

March 22, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.