- The Bitcoin Hash Ribbon, a key miner capitulation indicator, has flashed a bottom signal that has historically preceded medium-to-long-term price reversals.
- Multiple altcoin indices have shown their first positive MACD crossovers in years, a technical signal hinting at a potential “alt season” cycle.
- Supportive macroeconomic data, including a 52.4% ISM Manufacturing PMI indicating growth, is boosting appetite for risk assets like cryptocurrency.
- Bitcoin surged past $69,000, with analysts noting that holding key support levels could pave the way toward the $75,000 to $80,000 range.
On Monday, market analysts pointed to a confluence of on-chain, macro, and technical signals suggesting the cryptocurrency market may be entering a bullish phase. This optimism comes as Bitcoin climbed over 5% to trade near $69,535.
On-chain analyst James Van Straten said the Bitcoin Hash Ribbon recently signaled a bottom again. This indicator tracks miner capitulation, and the just-ended three-month phase was the second longest on record.
Consequently, this metric’s reversal has historically been a strong medium-to-long-term buying opportunity. Meanwhile, the latest ISM Manufacturing PMI reading of 52.4% marks a second consecutive month of economic expansion.
Analysts said that such growth readings often precede rallies in riskier assets. However, geopolitical tensions from the U.S.–Iran conflict have driven oil prices higher, impacting dollar liquidity.
Some observers say these oil-driven macro shifts can alter capital flows and risk appetite. Despite this, crypto’s resilience amid the escalation is viewed by some as a sign of underlying strength.
Technically, analyst Michael van de Pope said that maintaining higher lows increases the odds of a move toward $75,000 to $80,000. Simultaneously, several altcoin indices have shown their first bullish MACD crossover in years, a classic technical harbinger for an “alt season.”
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