Bitcoin's Hash Ribbons Precede Institutional Buying and Price Pump
Bitcoin's recent price action has been influenced by classic on-chain metrics, specifically Hash Ribbons, which have preceded institutional buying and led to a pump in the cryptocurrency. According to @virtualbacon, Bitcoin cycle drivers took center stage in a discussion about these metrics, recorded just before institutional buying flipped positive in July.
The current price of BTC is $77,581.5, within the Bollinger Bands on the 4h chart. The EMA50 acts as immediate support at $77,287.25, while the EMA200 provides longer-term bullish structure at $70,819.96. The RSI shows neutral momentum at 43.12, and the MACD registers a bearish death cross at -28.86, indicating a potential healthy retracement toward the 50-EMA before any continuation higher.
The upper-band resistance for BTC is set at $80,282.66, and a move toward this level would be in line with the bullish structure established by the EMA200. However, it's essential to acknowledge that the bearish death cross on the MACD suggests a possible retracement before any further price appreciation.