The NVT signal of Bitcoin is rising in a bear market, and BTC's trading price easily exceeds the $27000 mark.The balance of BTC miners has gained upward momentum
The NVT signal of Bitcoin is rising in a bear market, and BTC's trading price easily exceeds the $27000 mark.
- The balance of BTC miners has gained upward momentum.
- The market indicator has turned bearish, which increases the likelihood of a price decline.
The current bear market is the longest since the birth of Bitcoin.
According to the latest report, the role of a key indicator varies.
Abnormal performance of key indicators of Bitcoin
The secret market has been a bull and bear market for several months. However, this time the situation is different, as we are still witnessing the longest bear market cycle.
In the past few cycles, several key indicators have given accurate signals about what can be obtained from coins. However, this time, one of the main indicators of btc, the so-called nvt signal, is strange behavior.
Firstly, the NVT signal uses the 90 day moving average of daily trading volume in the denominator instead of the original daily trading volume. According to a recent tweet from IntoTheBlock, transaction value and volume were once important indicators for measuring transaction volume.
Our view of the value of Bitcoin is changing. Trading volume and volume were once important indicators for measuring trading volume. However, the recent peak in NVT ratios suggests that the value of Bitcoin is now moving independently of trading utility, suggesting its increasing role as a value store
However, the recent surge in NVT ratios suggests that the value of Bitcoin is moving independently of trading utility, suggesting that its role as a value storage is constantly growing. Earlier, NVT signals always surged before BTC prices rose and fell before prices plummeted.
But this time, despite the significant surge in Bitcoin's NVT signal, the price of Bitcoin has not increased.
What else is there to look good at?
Although the role of NVT signals varies, there are several other indicators that need to be addressed. For example, reserve risk is used to assess the confidence of long-term holders relative to local currency prices at any specific point in time.
According to Glassnode's data, the price of BTC remains in the correct accumulation zone, which means that investors can still take advantage of this opportunity to purchase more coins.
When analyzing Bitcoin prices, the perspective of miners is also important. According to Glassnode
At the time of writing this article, BTC was trading well above the $27000 mark of $27843.65, with a market value of over $542 billion.
However, due to Bitcoin's Money Flow Index (MFI) entering the overbought zone, there is a high possibility of a recent decline.
In addition, BTC's Relative Strength Index (RSI) also recorded a decline, further increasing the opportunity to move south in the coming days.
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