So, Bitcoin decided to take a nosedive again. I mean, who needs stability when you can have chaos, right? Here’s the latest gossip from the blockchain about whether we’re hitting rock bottom or just doing a little dance on the way down.
Bitcoin NVT Golden Cross: Oversold and Overdramatic
According to some crypto wizard over at CryptoQuant, the Bitcoin NVT Golden Cross is having a bit of a meltdown. The “Network Value to Transactions (NVT) Ratio” is basically a fancy way of saying, “Hey, how much is this digital coin worth compared to how much people are actually using it?” Spoiler alert: it’s not looking great.
When this number is over 1, it’s like saying, “Wow, Bitcoin is really full of itself!” But when it dips below zero, it’s like, “Okay, maybe it’s time for a comeback.”
But let’s not get too excited. The NVT Golden Cross is the real star of the show here. It’s like comparing the short-term and long-term trends of the NVT Ratio to see if we’re at the top of a rollercoaster or just about to plummet into the abyss.
To keep track of this wild ride, we’re using the 10-day and 30-day moving averages (MAs) of the NVT Ratio. And here’s a little eye candy for you:
Historically, there are two zones that are like the VIP sections for the Bitcoin NVT Golden Cross. The first one is above 2.2 (the red zone), where Bitcoin gets a little too cocky and usually crashes back down. The second zone, below -1.6 (the green zone), is where it’s like, “Okay, I’m ready for a comeback!”
Looking at the chart, it’s clear that Bitcoin’s NVT Golden Cross is having a rough time, and it’s now in the “please help me” zone. It’s currently sitting at -2.4, which is still better than some of the other sad moments marked on the graph. So, while we might be close to a bottom, don’t put away your party hats just yet.
As for on-chain support, the market intelligence platform IntoTheBlock has dropped a little nugget of wisdom: the next support level is under $72,000. So, if Bitcoin keeps spiraling down, it might just find a cozy spot to rest there.
BTC Price: The Latest Drama
After the latest episode of “Bitcoin: The Downward Spiral,” our beloved coin has plummeted to a staggering $81,600. Can we get a moment of silence for our wallets?
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2025-03-01 05:42