Bitcoin's difficulty ribbon compresses for the first time in over a year, hinting at miner capitulation and a potential price bottom. reports godbole17
. That reduces the selling pressure, allowing for price stability and an eventual bull revival. Miners often sell coins mined to fund operational costs, adding to bearish pressures in the market.The ribbon includes 9-, 14-, 25-, 40-, 60-, 90-, 128- and 200-day simple moving averages on mining difficulty, a measure of how difficult it is to mine a block and verify transactions in bitcoin's blockchain.to stay solvent. Mining difficulty is adjusted every two weeks.
While the latest difficulty ribbon compression offers hope to battered bulls, the positive signal should be read in conjunction with macro factors that point to a low probability of a quick bullish reversal. On Wednesday, the Federal Reserve officials said further liquidity tightening is necessary to control inflation, pushing back against market belief that the central bank will slow rate hikes in the coming months and resort to easing next year. The Fed's liquidity tightening has roiled asset markets this year.a small portion of the overall market and so may be a less reliable indicator than before 2020.
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