However, the Hash Ribbon, which measures miner stress and recovery using 30-day and 60-day hash rate moving averages, has now flashed its eighth major buy signal in BTC’s history.

Developed by Charles Edwards, this signal occurs when the 30-day MA crosses above the 60-day MA, suggesting miner capitulation has ended. Historically, BTC has never dropped lower in 85% of previous cases following this signal.

Market commentators, including Bitcoin Archive, emphasize that in all seven prior instances, BTC rallied significantly post-signal, with no false triggers.

• BTC is down 3.9% over 24 hours, trading at $84.5K
• Hash Ribbon signal appeared only 20 times in BTC’s history
• Historically accurate in 85% of cases, signaling limited downside

Mixed Market Signals: A Warning from the Charts

Despite the optimism, technical analysts remain divided. Tony Severino, a Chartered Market Technician, flagged bearish divergences between price action and momentum indicators. “BTC is making higher highs while the RSI posts lower highs. That’s not bullish—it’s a red flag,” he noted.

BTC remains below the 50-period EMA near $86,000, reinforcing short-term bearish structure. The RSI sits around 36, rebounding from oversold levels, but lacks momentum. Unless BTC breaks above $86,800, recovery remains uncertain.

Macroeconomic Headwinds Add Caution

Even with the bullish on-chain signal, macro forces loom large. Strong U.S. economic data—Q4 GDP revised to 3.4% and jobless claims declining—supports a hawkish Fed stance, dampening appetite for risk assets like Bitcoin.

Meanwhile, geopolitical tensions are flaring again with Trump’s proposed 25% auto tariffs, set for April 2. While gold surged to an all-time high of $3,059 on the news, BTC hasn’t mirrored the safe-haven rally.

This divergence has left some questioning Bitcoin’s role as digital gold. Jamie Coutts of Real Vision noted, “Hash Ribbons are a solid signal, but broader conditions aren’t aligning like previous cycles.”

With Wall Street returning post-holiday and ETF flows stabilizing, short-term direction may depend on how BTC reacts to upcoming inflation data.

• Gold hits $3,059 ATH while BTC lags behind
• Trump’s tariffs add to global economic anxiety
• ETF inflows flatline amid mixed crypto sentiment

Bitcoin Consolidates Near $84.5K Amid Cooling Bearish Pressure

BTC is stabilizing near $84,500 after a sharp drop, finding short-term support at $83,000. The RSI is rebounding from oversold levels, hinting at fading bearish momentum.

However, BTC remains below the 50-EMA at $86,000, keeping the near-term bias bearish.

• Upside target: Break above $86,800 could trigger a rally toward $88,800
• Downside risk: Drop below $83,000 may expose $81,200
• Market tone: Cautious, with $34B daily volume and 2.86% drop

BTC is consolidating in a narrowing range, with macro catalysts likely to dictate the next move.

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The post Is This BTC’s Bottom? One of the Most Trusted Buy Signals in Bitcoin Just Flashed appeared first on Cryptonews.

According to a key on-chain indicator, Ethereum (ETH) may be undervalued at its current market price. The last time ETH was this undervalued was in October 2023, after which it experienced a 160% rally.

Ethereum May Be Undervalued, On-Chain Indicator Suggests

Ethereum’s current MVRV-Z score suggests that the second-largest cryptocurrency by total market capitalization may be undervalued at its present price. This metric – used to determine whether an asset is overvalued or undervalued – is currently at its lowest level in 17 months.

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ETH’s low MVRV-Z score indicates that the digital asset may be approaching a local bottom. Notably, the last time this metric was at a similar level in October 2023, ETH surged by 160%.

For the uninitiated, the MVRV-Z score compares the difference between an asset’s market value and its realized value to assess overbought or oversold conditions. A high score indicates potential market tops, while a low score suggests possible bottoms.

Besides October 2023, Ethereum’s MVRV-Z score has entered the green band two other times – once in December 2022 and again in March 2020. On both occasions, ETH subsequently entered a bullish phase.

Additionally, on-chain analytics indicate that crypto whales are quietly accumulating ETH in anticipation of a significant upward move. Data from CryptoQuant reveals that ETH inflows into accumulation addresses have surged to multi-year highs, surpassing levels seen before major bull runs.

High inflows into accumulation addresses suggest that institutional investors and large holders anticipate a rise in ETH’s price. This aligns with recent analysis predicting that ETH is poised for a substantial rally this year, potentially driving the digital asset to $9,000.

Furthermore, ETH whales – wallet addresses holding between 1,000 and 10,000 ETH – have been aggressively accumulating since July 2024. This coincided with the US Securities and Exchange Commission’s (SEC) approval of the first spot ETH exchange-traded fund (ETF).

Is ETH Going To Surprise The Market?

Beyond a bullish MVRV-Z score and increasing ETH inflows into accumulation addresses, several other indicators suggest that ETH may be on the verge of a surprise rally, despite prevailing bearish sentiment.

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Following the recent market pullback, ETH’s weekly Relative Strength Index (RSI) has dropped to a three-year low, fuelling optimism for an imminent rally. However, increasing ETH reserves on exchanges could pose a challenge to upward momentum.

Similarly, concerns remain regarding the Ethereum Foundation’s continuous selling of ETH, which may be contributing to price suppression. As of press time, ETH is trading at $2,268, reflecting a 3.7% increase over the past 24 hours.

Featured image from Unsplash, charts from Glassnode, CryptoQuant and Tradingview.com