{"id":511126,"date":"2022-12-05T16:00:31","date_gmt":"2022-12-05T21:00:31","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=511126"},"modified":"2024-06-11T08:04:36","modified_gmt":"2024-06-11T08:04:36","slug":"first-bitcoin-hash-ribbon-golden-cross-failed","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/first-bitcoin-hash-ribbon-golden-cross-failed\/","title":{"rendered":"For First Time Ever, Bitcoin Hash Ribbon Golden Cross Has Failed"},"content":{"rendered":"

On-chain data shows the Bitcoin Hash Ribbon golden cross has failed to provide an uplift to the price for the first time ever.<\/p>\n

Bitcoin Hash Ribbons Have Recently Formed A Death Cross<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, the BTC Hash Ribbon model has failed for the first time in the crypto’s history.<\/p>\n

The relevant indicator here is the “mining hashrate<\/a>,” which measures the total amount of computing power connected to the Bitcoin network right now.<\/p>\n

When the value of this metric trends up, it means miners are bringing more mining rigs online currently. On the other hand, a decline suggests these chain validators are ditching the network and disconnecting their machines.<\/p>\n

The Hash Ribbon is a BTC model that’s based on two moving averages of the hashrate metric. A “moving average<\/a>” (MA) is the mean value of any quantity that, as its name implies, keeps moving with the metric and changes its value accordingly.<\/p>\n

Related Reading: Bitcoin Bearish Signal: MPI Records Highest Value Since April 2022<\/a><\/div>\n

The benefit of an MA is that it smooths out the curve and removes any temporary fluctuations that have no bearing on the long-term trend.<\/p>\n

In the context of the Hash Ribbon model, the Bitcoin hashrate MAs of interest are the 30-day and the 60-day versions. Here is a chart that shows the trend in these two ribbons over the last few years:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the two MAs of the metric have gone through a cross recently | Source: CryptoQuant<\/a><\/pre>\n
As you can see in the above graph, the Bitcoin 60-day MA hashrate has crossed above the 30-day version recently.<\/p>\n
When this kind of crossover happens, it means the hashrate has been sharply falling recently as the 30-day average has fallen below the longer, 60-day one.<\/p>\n
Related Reading:  This Historic Bitcoin On-Chain Support Level Is Still Not Lost<\/a><\/div>\n
Historically, crosses like these have been bearish death crosses for the price since they are a signal of miner capitulation.<\/p>\n
Crosses of the opposite kind, on the contrary, have always had a bullish effect on the price of the coin as they indicate that miners are optimistic on the outcome of BTC since they are expanding their operations.<\/p>\n
The latest golden cross, however, took place a few months ago, but instead of a price rise, a decrease has followed it. Since the death cross is now already in, it would appear that for the first time in Bitcoin’s history, this bullish crossover has failed to bear any fruits.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin’s price<\/a> floats around $17.3k, up 7% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC seems to have shot up | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from mana5280 on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Bitcoin Hash Ribbon golden cross has failed to provide an uplift to the price for the first time ever. Bitcoin Hash Ribbons Have Recently Formed A Death Cross As pointed out by an analyst in a CryptoQuant post, the BTC Hash Ribbon model has failed for the first time in the crypto’s history. The relevant indicator here is the “mining hashrate,” which measures the total amount of computing power connected to the Bitcoin network right now. When the value of this metric trends up, it means miners are bringing more mining rigs online currently. On the other hand, a decline suggests these chain validators are ditching the network and disconnecting their machines. The Hash Ribbon is a BTC model that’s based on two moving averages of the hashrate metric. A “moving average” (MA) is the mean value of any quantity that, as its name implies, keeps moving with the metric and changes its value accordingly. Related Reading: Bitcoin Bearish Signal: MPI Records Highest Value Since April 2022 The benefit of an MA is that it smooths out the curve and removes any temporary fluctuations that have no bearing on the long-term trend. In the context of the Hash Ribbon model, the Bitcoin hashrate MAs of interest are the 30-day and the 60-day versions. Here is a chart that shows the trend in these two ribbons over the last few years: Looks like the two MAs of the metric have gone through a cross recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin 60-day MA hashrate has crossed above the 30-day version recently. When this kind of crossover happens, it means the hashrate has been sharply falling recently as the 30-day average has fallen below the longer, 60-day one. Related Reading: This Historic Bitcoin On-Chain Support Level Is Still Not Lost Historically, crosses like these have been bearish death crosses for the price since they are a signal of miner capitulation. Crosses of the opposite kind, on the contrary, have always had a bullish effect on the price of the coin as they indicate that miners are optimistic on the outcome of BTC since they are expanding their operations. The latest golden cross, however, took place a few months ago, but instead of a price rise, a decrease has followed it. Since the death cross is now already in, it would appear that for the first time in Bitcoin’s history, this bullish crossover has failed to bear any fruits. BTC Price At the time of writing, Bitcoin’s price floats around $17.3k, up 7% in the last week. BTC seems to have shot up | Source: BTCUSD on TradingView Featured image from mana5280 on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":511140,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,84286,87437,84043,55860,1119,1144],"class_list":["post-511126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-golden-cross","tag-bitcoin-hash-ribbon-golden-cross","tag-bitcoin-hash-ribbons","tag-bitcoin-hashrate","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nFor First Time Ever, Bitcoin Hash Ribbon Golden Cross Has Failed<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin Hash Ribbon golden cross has failed to provide an uplift to the price for the first time ever. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/www.ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"For First Time Ever, Bitcoin Hash Ribbon Golden Cross Has Failed","url":"http:\/\/www.ktsl888.com\/news\/first-bitcoin-hash-ribbon-golden-cross-failed\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.ktsl888.com\/news\/first-bitcoin-hash-ribbon-golden-cross-failed\/"},"thumbnailUrl":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2022\/12\/mana5280-rGPDLlMNFF4-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2022\/12\/mana5280-rGPDLlMNFF4-unsplash-scaled.jpg?fit=2560%2C1900"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin golden cross","bitcoin hash ribbon golden cross","bitcoin hash ribbons","bitcoin hashrate","btc","btcusd"],"dateCreated":"2022-12-05T21:00:31Z","datePublished":"2022-12-05T21:00:31Z","dateModified":"2024-06-11T08:04:36Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"For First Time Ever, Bitcoin Hash Ribbon Golden Cross Has Failed\",\"url\":\"http:\\\/\\\/www.ktsl888.com\\\/news\\\/first-bitcoin-hash-ribbon-golden-cross-failed\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.ktsl888.com\\\/news\\\/first-bitcoin-hash-ribbon-golden-cross-failed\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/mana5280-rGPDLlMNFF4-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/mana5280-rGPDLlMNFF4-unsplash-scaled.jpg?fit=2560%2C1900\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin golden cross\",\"bitcoin hash ribbon golden cross\",\"bitcoin hash ribbons\",\"bitcoin hashrate\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-12-05T21:00:31Z\",\"datePublished\":\"2022-12-05T21:00:31Z\",\"dateModified\":\"2024-06-11T08:04:36Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2022\/12\/mana5280-rGPDLlMNFF4-unsplash-scaled.jpg?fit=2560%2C1900","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts\/511126"}],"collection":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/comments?post=511126"}],"version-history":[{"count":0,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts\/511126\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/media\/511140"}],"wp:attachment":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/media?parent=511126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/categories?post=511126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/tags?post=511126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}