Bitcoin’s “Difficulty Ribbons”: Entered Buy Zone For 1st Time Since March
We should be seeing a push higher very soon:
According to the historically accurate Difficulty Ribbons indicator, Bitcoin could be on the cusp of seeing further upside.
Analytics platform Glassnode spoke about the indicator, explaining that it uses a “standard deviation to quantify periods of high ribbon compression” to signal good buying opportunities.
The last time it entered the buy zone – as it just did earlier today – was in March when Bitcoin set yearly lows of $3,800 that were followed by a series of massive upside movements.
“Bitcoin Difficulty Ribbon Compression is trending up and broke out of the green buy zone for the first time since March. Historically, these have been periods characterized by a positive momentum indicating significant BTC price increases.”