Bitcoin price is holding strong above the $104,000 mark, defying recent market volatility and macroeconomic headwinds. Now, a key technical indicator—the Hash Ribbons—has flipped bullish, igniting hopes that BTC could soon revisit or even break past its all-time highs.
While institutional interest remains steady and the ETF narrative continues to support long-term adoption, on-chain signals are beginning to show renewed miner confidence and market strength. Could this be the calm before the storm?
Hash Ribbons Flash Rare Buy Signal – Here’s What It Means
According to CryptoQuant’s latest quicktake, the Hash Ribbons indicator has just issued a “buy” signal—a pattern that historically precedes major Bitcoin rallies. The signal is triggered when the 30-day moving average of the Bitcoin hash rate crosses above the 60-day average, signaling that miner capitulation has ended.
Past examples (like August 2021 and early 2023) saw BTC rally over 20–40% within weeks of this crossover. This time, the signal comes at a moment of consolidation, not capitulation—suggesting the next move could be more explosive than reactive.
As noted in the CryptoQuant post, “Hash Ribbon crossovers have aligned with major cyclical lows or continuation breakouts. The context of miner behavior in this cycle points to strength—not weakness.”
Bitfinex Analysts Reveal the Critical Bitcoin Price Levels to Watch
Meanwhile, analysts from Bitfinex have released new projections that shed light on BTC’s most important price zones.
If Bitcoin can hold above $104,500 and reclaim $106,800, a breakout toward $112,000 is likely. These levels represent local resistance and psychological milestones, especially ahead of a potentially volatile summer.
Source: Tradingview
They also warn of downside risk if BTC loses $100,000 support, noting that miner outflows and on-chain volume flow must remain positive to sustain bullish momentum.
Key Price Levels:
- Resistance: $106,800 – $112,000
- Support: $104,000 – $100,000
- Bullish Target: $118,000+ (if momentum holds)
The fact that Bitcoin is consolidating at higher lows, despite the broader market slowdown, adds weight to the bullish case. Funding rates are still neutral, and spot volumes continue to outpace derivatives—indicating organic accumulation rather than leveraged speculation.
Final Thoughts: Why the Next Move Could Be Violent
The combination of strong on-chain signals (Hash Ribbons), healthy exchange data, and resilient price structure above $104K creates a compelling bullish narrative.
While macro pressures—from interest rate policy to election-year uncertainty—continue to hover, Bitcoin’s internal structure is showing strength. If BTC pushes past $106,800 with volume, the next rally could come faster and more violently than most expect.
For long-term holders and traders alike, this may be the final opportunity to accumulate before a renewed move toward $120K and beyond.
