Bitcoin $BTC crucial bullish indicator is confirmed, caprioleio says Bitcoin HashRibbon
According to him, this period of miners' capitulation — the period when distressed miners are switching off their mining gear — is over. This capitulation was painful for the market as it was only two days shorter than the one that pushed the BTC price to $3,100 in the 2018 Crypto Winter.
Historically, Bitcoin touched its major lows during miners' capitulations. Also, the capitulations that coincided with the second halves of Bitcoin mining cycles result in most reliable bullish signals.The second phase for this cycle started May 10, 2022; that makes the prediction by Charles Edwards very optimistic.
When 30 DMA drops below 60 DMA, analysts indicate miners' capitulation; the opposite situation takes place when the capitulation is over. Secure bullish signals are registered when 30 DMA spikes above 60 DMA together with price increases.
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