This Bitcoin price metric just hit 'oversold' for only the 7th time in 8 years
Advanced NVT was already hinting that Bitcoin was "seriously cheap," but has now printed a rare buy flag. A Bitcoin (BTC) price metric which made BTC “look seriously cheap” at $56,000 is now in rare oversold territory.In a tweet on Dec. 6, Philip Swift, Philip Swift, creator of analytics platform LookIntoBitcoin, returned to potentially bullish signals coming from Bitcoin’s Advanced NVT Signal.Advanced NVT deflates in Bitcoin price routAdvanced NVT calculates whether Bitcoin is overbought or oversold at a certain price point using market capitalization and network volume.In late November,....
Related News
Bitcoin price is still stuck in the mid-$30,000 range for weeks now, unable to break any lower or make an attempt to reclaim highs. After such a drastic 50% move down, the market is shaken and waiting for confirmation of direction before volume returns. Currently, the top cryptocurrency by market cap is at historically oversold […]
Ether's price rebounded by nearly 400% after its RSI turned oversold the last time. Will this time be different? Ethereum's native token Ether (ETH) entered its "oversold" territory this June 12, for the first time since November 2018, according to its weekly relative strength index (RSI).This is the last time $ETH went oversold on the weekly (hasn’t confirmed here yet). I had no followers, but macro bottom ticked it. Note, you can push way lower on weekly rsi, not trying to catch a bottom. https://t.co/kLCynTKTcS— The Wolf Of All Streets (@scottmelker) June 12, 2022 ETH eyes oversold....
Dynamic range NVT returns to levels seen just twice in two years: the March 2020 coronavirus crash and last year's reaction after Chinese miners shut down. Bitcoin (BTC) has just reentered a key price zone which has signalled the beginning of the end for bear phases, data confirms.In a tweet on Jan. 24, Charles Edwards, founder of crypto investment firm Capriole, flagged Bitcoin's network value to transaction (NVT) ratio metric as it delivered a new and rare "oversold" signal.NVT says it's reversal timeBitcoin price losses accelerated over the weekend, with the market not far off a retest....
As a "hidden bullish divergence" begins to play out, anticipation combines with calls to plan a Q1 market exit. A key Bitcoin (BTC) metric has just reached its lowest levels since the months after the March 2020 market crash.As noted by popular analysts on Jan. 5, Bitcoin's relative strength index (RSI) is printing a "hidden bullish divergence" on monthly timeframes — and if it plays out, they say, the result will be very pleasing for hodlers.RSI falls below summer 2021 floorAmid frustration at the lack of direction on BTC/USD, it is no secret that a host of on-chain indicators has long....
Current limp Bitcoin price performance is not fooling analysts, as Advanced NVT Signal joins those predicting a dramatic BTC renaissance. Bitcoin (BTC) is “seriously cheap” at $56,000 relative to network activity — and that means only one thing, one analyst says.In a tweet on Nov. 24, Philip Swift, creator of analytics platform LookIntoBitcoin, highlighted a bull flag on Bitcoin’s Advanced NVT Signal.Bitcoin "deep into oversold territory"Advanced NVT uses Bitcoin’s market cap and network volume to determine the extent to which BTC is overbought or oversold at a certain price point.As Swift....