The Bitcoin NVT Golden Cross showed the momentum was struggling and the bid for a bull run has failed so far- how should investors respond?
were negative and the recent sharp price drop caused large liquidations. The massive outflow of BTC from Binance did not bolster the market sentiment either.On the weekly chart, the market structure remained bearish. A new high was not reached, and the king of crypto was forming a series of lower highs since April. Should traders anticipate more weakness?observed that the peaks of the Bitcoin NVT Golden Cross were in a downward trend over the past six months.
Values of above 2.2 indicate the network is likely overpriced, while values under -1.6 signal a market bottom. The decline in the peak values since late March is a sign that Bitcoin might be undervalued relative to its transaction volume and presented an accumulation opportunity.The 180-day mean coin age continued to trend upward since late March, even though the weekly market structure turned bearish in recent months.
Also, the past month saw strongly positive social media engagement, even though the Bitcoin price trend was choppy. The MVRV was negative to show holders were at a loss and that the asset was likely undervalued. Meanwhile, the daily active addresses metric has been stable since June.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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