A rare Bitcoin bullish signal has finally appeared






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A rare bullish signal for bitcoin, the compression of the difficulty ribbon, has started to rise for the first time since the bull run began.

As noted by a BTC analyst on Twitter, the compression of the difficulty tape appears to be increasing for the first time since the bull run began.

The indicator is a measure of the moving averages of bitcoin mining difficulty. The mining difficulty metric can be calculated by estimating the number of hashes to mine a block.

To correctly quantify these values, the BTC difficulty tape compression uses a normalized standard deviation. Historically, higher values ​​have been associated with rising prices, while lower values ​​suggest a downward trend.

Now, this is what the graph for the compression of the BTC difficulty ribbon looks like in the last decade:

The Bitcoin Difficulty Ribbon Compression Indicator has just started pumping, (for the first time in this bull cycle) historically very bullish signal.

The chart above reveals some interesting features about the indicator. It seems that the compression difficulty of the tape has a historical relationship with the price.

It seems that when the value of the indicator falls very low, BTC reaches a low on the curve. And when it goes up, as it is doing now, the price goes up as well.

However, there is something to consider here. The indicator is a measure of the difficulty of mining, and right now the global hash rate is facing special circumstances due to China’s crackdown.

After falling massively for a while, the global hash rate of Bitcoin has started to rise again as miners migrate from China to other countries like the US This should mean that the hard would increase rapidly as mining farms regulars start their operations again.

Such an increase in difficulty could look like what the graph is showing right now.

Bitcoin’s price is around $ 32k at the time of writing, down 4% in the last 7 days. Over the past month, the coin has dropped nearly 17% in value.

The price of BTC continues to range as the crypto remains stagnant in the $ 30k to $ 35k range. It is unclear when the currency could escape these levels and in which direction it could go next.

If the difficulty of tape compression is anything to go through, the price of Bitcoin could see a surge soon. On the other hand, due to the special mining conditions, this increase in the value of the indicator might not directly translate into the price this time.

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