Technical Analysis:
BITCOIN is trading around 65600 at spot, we have a bearish breaker block in 1H chart which might act as a hurdle for BTC and push price towards 63700 zone. We don’t wanna look for buying before price dip into 0.5 fibonacci level or below 0.5 that because we might see inducement in middle.
Fundamentals:
In a CryptoQuant Quicktake post, an analyst discussed the recent trend in the NVT Golden Cross for BTC and its implications for the price.
The NVT ratio is an indicator that tells us about how the Bitcoin market cap compares against its transaction volume. The metric is generally used to judge whether the asset’s price is fair or not right now.
When the indicator’s value is high, it suggests the network’s value (that is, the market cap) is high compared to its ability to transact coins (the volume). Such a trend implies that the asset may be overpriced currently.
On the other hand, the low metric means the cryptocurrency’s price may be undervalued due to a rebound as the market cap is low compared to the volume.
In the context of the current topic, the NVT ratio itself isn’t of interest; rather, it is a modified form called the NVT Golden Cross. This metric compares the short-term trend (the 10-day moving average) with the long-term trend (30-day MA) of the NVT ratio to identify tops and bottoms.
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