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Analysis: Hash Ribbons Indicator Issues Bitcoin Buy Signal
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CryptoQuant analysis indicates that the latest data from the Hash Ribbons indicator shows a buy signal for Bitcoin. This indicator assesses the stress level of the miner ecosystem by comparing the 30-day and 60-day moving averages of hash rate. The analysis points out that as Bitcoin's hash rate recently reached an all-time high, miners are facing short-term pressure and may be forced to sell Bitcoin to maintain operations, which often creates long-term buying opportunities.
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