Bitcoin miners will need to capitulate before BTC<\/a> can take off on a new rally, according to the popular on-chain analyst Willy Woo.<\/p>\n Woo tells<\/a> his 1.1 million followers on the social media platform X to look for compressions in Bitcoin hash ribbons when thinking about when to buy and hold.<\/p>\n \u201cI know it sucks, but BTC is not going to break all-time highs until more pain and boredom plays out.<\/em><\/p>\n On the bright side, miners are capitulating and when that is through, it nearly always ends in a huge rally.\u201d<\/em><\/p>\n Bitcoin hash ribbons attempt to identify periods of time when Bitcoin miners are distressed and could be capitulating, according to on-chain analytics firm\u00a0LookIntoBitcoin<\/a>.<\/p>\n Woo notes<\/a> that BTC\u2019s price will continue to suffer until the hash market picks up volume.<\/p>\n The on-chain analyst also looks at<\/a> the current level of paper bets on Bitcoin.<\/p>\n \u201cThe solid yellow chart is a z-score oscillator looking at how significant it is locally.<\/em><\/p>\n We need a solid amount of liquidations still before we get the all clear for further bullish activity.\u201d<\/em><\/p>\n BTC is trading at $65,088 at time of writing. The top-ranked crypto asset by market cap is down nearly 7% in the past week.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Generated Image: DALLE3<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Bitcoin miners will need to capitulate before BTC can take off on a new rally, according to the popular on-chain analyst Willy Woo. Woo tells his 1.1 million followers on the social media platform X to look for compressions in Bitcoin hash ribbons when thinking about when to buy and hold. \u201cI know it sucks, […]<\/p>\n","protected":false},"author":2,"featured_media":327293,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-327292","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/327292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=327292"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/327292\/revisions"}],"predecessor-version":[{"id":327295,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/327292\/revisions\/327295"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/327293"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=327292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=327292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=327292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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