Bitcoin has shown a continuation of its crash over the past 24 hours. Here is what the data on the series says regarding whether the bottom is close or not.
Bitcoin Nvt Golden Cross is now in the excessive sale area
It was also indicated by a QuickTake Cryptoquant analyst mailBitcoin Nvt Golden Cross has recently seen a sharp decrease. The percentage of “the value of the network to transactions (NVT) indicates an indication of the series that measures the percentage between the maximum bitcoin market and the size of the transactions.
When the value of this scale is greater than 1, this means that the value of the original (i.e. the maximum market) is high compared to its ability to deal with coins (the volume of transaction). Such a trend can indicate that BTC is exaggerated.
On the other hand, the indicator under the zero mark can indicate that the cryptocurrency may be due to the bounce to the upward direction because its size is high in relation to the maximum market.
In the context of the current discussion, the NVT ratio itself is not important, but rather a modified form known as NVT Golden Cross. This indicator mainly compares the short -term NVT direction for the long term to find whether it is close to the top or bottom.
To track these trends, the scale is used for 10 days and 30 days (MAS) for NVT, respectively. Now, here is the graph that the quantity that shows the trend in the golden cross in the past two years:
The value of the indicator seems to have plunged in recent days | Source: CryptoQuant
Historically, there were two regions of importance for NVT Golden Cross. The first is higher than 2.2 (it is highlighted in red) and is the place where the tops of the scale occurred in general. These summits tend to be the excessive value signals of the encrypted currency, so it may be followed by the declining work.
Likewise, the second region, which occurs less than -1.6 (green), is the place where the bottoms occur in the Golden Cross NVT. The indicator that is dipped in this area often proves that it is a thunderbolt sign of the original.
From the graph, it is clear that the Bitco Nvt Golden Cross Cross has witnessed a sharp decrease recently as a result of the BTC price. The scale is now located inside the bottom area, which means that the currency may start working.
To date, the index’s value has decreased to -2.4, which is still higher than the other negative nails that the analyst has placed in the graph. Thus, although BTC may approach the bottom, it still can take an additional decrease before it is already in it.
In terms of support on the series, the market intelligence platform INTOTHEBLOCK He has made it clear that the relevant next is less than $ 72,000. As such, if the BTC continues to decline, the original is likely to find at least a temporary alleviation of this mark.
The cost basis distribution of the BTC addresses across the various price ranges | Source: IntoTheBlock on X
BTC price
In the wake of the last match of the decline during the past day, Bitcoin witnessed a decrease in its prices to 81,600 dollars.
Looks like the price of the coin has been sliding down recently | Source: BTCUSDT on TradingView
Distinctive image from Dall-I, IntothBlock.com, Chart from TradingView.com
