Glassnode warns of possible bitcoin difficulty ribbon compression
Analysts have recorded atypical BTC price stability over the past four months
04.10.2022 - 11:25
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What’s new? According to a weekly report from analytics firm Glassnode, bitcoin has been showing a prolonged consolidation in the $18 000 to $20 000 price range. According to experts, this may indicate an imminent difficulty ribbon compression. Trading in this range has been observed for four months, indicating that volatility is likely to return to the crypto market.
The difficulty ribbon is an on-chain indicator that reflects the deviation of the bitcoin mining difficulty from the bitcoin moving average (MA) of this indicator. MA shows the average for a certain period of time.
What other data has been released? Analysts at Glassnode added that the price of the first cryptocurrency remains stable despite “global chaos in traditional markets.”
In addition, on October 3, BTC’s hashrate hit new all-time highs of 240,208 TH/s, raising the cost of mining, while mining companies just recovering from the recent coin sell-off. It is noted that the average cost of bitcoin mining fluctuates just below the current price of the asset, and therefore even a slight drop in it could lead to a new wave of miners’ capitulation.
As of October 4, 10:00 UTC, bitcoin is trading at $19 935, having gained 4,1% per day, according to Binance.
In mid-September, analysts at Hashrate Index shared bitcoin mining data for August. All public miners continued to increase their hashrate and plan to increase capacity by almost 17 EH/s by the end of the year. According to experts, the combined hashrate of the entire Bitcoin network could grow to 270-280 EH/s.
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