The data on the chain shows that for the first time in history, the Bitcoin Gold Cross has failed to raise the price. As a cryptographic analyst pointed out, the BTC hash band model failed for the first time in the history of encryption.

The relevant indicator here is "mining hashrate," which measures the total amount of computing power currently connected to the Bitcoin network.

When the value of this indicator shows an upward trend, it means that miners are currently putting more mining rigs online. On the other hand, the decline indicates that these chain verifiers are abandoning the network and disconnecting their machines.

Hash Ribbon is a BTC model, which is based on two moving averages of the hashrate indicator. A "moving average" (MA) is the average value of any quantity. As the name implies, this quantity keeps moving with the measurement and changes its value accordingly.

The advantage of the moving average is that it smoothes the curve and eliminates temporary fluctuations that have no effect on long-term trends.

In the context of the hash band model, the bitcoin hash codes of interest are 30 day and 60 day versions. The following chart shows the development trend of these two kinds of ribbons in the past few years:

It seems that the two ma indicators have crossed recently

As can be seen from the above figure, Bitcoin 60 day MA hashrate has recently surpassed the 30 day version.

When this kind of crossover occurs, it means that the hashrate has dropped sharply recently, because the average of 30 scales has fallen below the longer average of 60 scales.

Historically, such crossings are death crossings of falling prices, because they are signals of miners' surrender.

On the contrary, the opposite type of crossover always has a bullish impact on the price of coins, because they show that miners are optimistic about the results of BTC, because they are expanding their business.

However, the recent gold crossover occurred a few months ago, but the price did not rise, but fell. Since the death crossover has now appeared, which seems to be the first time in Bitcoin history, this bullish crossover has failed to bear any fruit.

BTC price

At the time of writing this report, the price of Bitcoin fluctuated around 17300 dollars, up 7% last week.