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Bitcoin Fell 50% From $6,000 in 2018 After this Key Signal Lit, and it’s Flashing Again

The final nail was just put in the coffin of bulls. An indicator that tracks the health of the Bitcoin (BTC) mining ecosystem has just flashed bearish for the first time in a year, signaling impending capitulation.


Just last month, the price of BTC surged by 42% from $7,300 to $10,500 in a day’s trading session, marking the fourth-largest upward move in the history of the cryptocurrency. Unfortunately for bulls though, this jaw-dropping surge hasn’t done much to reverse a medium-term bear trend that has formed over the past few months. In fact, a key selling signal just flashed, despite the aforementioned move.


As pointed out by cryptocurrency commentator Cole Garner, the Hash Ribbons — an indicator tracking the health of Bitcoin’s hash rate — has just seen a bearish crossover. While this may not mean much in and of itself, the bearish crossover of the Ribbons was last seen “just before Bitcoin broke down from $6,000… TL;DR this is a bearish signal.”

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Bitcoin Fell 50% From $6,000 in 2018 After this Key Signal Lit, and it’s Flashing Again
Is Bitcoin (BTC) set for another drop in price?

#BTC #TA