Bitcoin: Hash Ribbons Precede Institutional Flip

Bitcoin cycle drivers took center stage in a recent discussion with @virtualbacon dissecting classic on-chain metrics like Hash Ribbons, recorded just before institutional buying flipped positive in July and fueled the subsequent BTC pump.

Price sits at $77581.5 inside the Bollinger Bands on the 4h chart, with EMA50 at $77287.25 acting as immediate support and EMA200 at $70819.96 anchoring the longer-term bullish structure; RSI at 43.12 shows neutral momentum while MACD registers a bearish death cross at -28.86, suggesting a healthy retracement toward the 50-EMA before any continuation higher toward upper-band resistance at $80282.66.