Bitcoin took a few heavy knocks on Friday. Earlier this week we touched the $25,000 mark, but on Friday we fell back to a rate of $20,500. Bitcoin has now made a small recovery, but it does not look really strong at the moment. This means that the positive sentiment has completely disappeared after a brief upturn.
Hash Ribbons are bullish
Despite the disappearance of the positive sentiment, there are some indicators that indicate that Bitcoin is currently at or near the bottom. Among those indicators are the Bitcoin Hash Ribbons, an indicator that uses Bitcoin’s hashrate as the basis for its price. The Hash Ribbons give us an indication of the health of the mining industry. If the Hash Ribbons are in negative territory, it means that the miners are under pressure and vice versa.