{"id":601454,"date":"2024-04-05T01:00:48","date_gmt":"2024-04-05T01:00:48","guid":{"rendered":"https:\/\/wncen.com\/?p=601454"},"modified":"2024-06-11T08:47:16","modified_gmt":"2024-06-11T08:47:16","slug":"bitcoin-indicator-signaled-downturn-advance","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-indicator-signaled-downturn-advance\/","title":{"rendered":"This Bitcoin Indicator May Have Signaled Latest Market Downturn In Advance"},"content":{"rendered":"

The Bitcoin Network Value to Transactions (NVT) Golden Cross indicator attained overheated values coinciding with the recent local top in the price.<\/p>\n

Bitcoin NVT Golden Cross Surged To 3.17 During Recent Peak<\/h2>\n

An analyst in a CryptoQuant Quicktake post<\/a> explained that the NVT Golden Cross may have served as an indicator of the recent top in cryptocurrency prices.<\/p>\n

The “NVT<\/a>” refers to an on-chain metric that tracks the ratio between Bitcoin’s market cap and transaction volume (both in USD). This ratio is generally used to determine whether the asset’s price is fair or not.<\/p>\n

Related Reading: Bitcoin Short-Term Holders Capitulate: $5.2 Billion Sold At Loss<\/a><\/div>\n

When the indicator has a high value, the asset’s price (the market cap) is high compared to its utility (the transaction volume). Such a trend may suggest that the coin could be overvalued currently.<\/p>\n

On the other hand, the low metric could suggest the network isn’t valued fairly compared to its high ability to transact capital, and as such, its price may be due to an uplift.<\/p>\n

In the context of the current discussion, the NVT itself isn’t interesting, but rather, a modified version called the NVT Golden Cross<\/a> is. This metric compares the short-term trend of the NVT (10-day moving average) against its long-term trend (30-day MA).<\/p>\n

Like the NVT, this variant is also used to estimate the fairness of the asset. Historically, values greater than 2.2 have been a signal that BTC is overheated, as the short-term trend is notably outpacing the long-term at these levels.<\/p>\n

Similarly, values under the -1.6 level may indicate that the cryptocurrency is undervalued; hence, its price may likely form a bottom and find a rebound soon.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin NVT Golden Cross over the last few years:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have been going up in recent days | Source: CryptoQuant<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin NVT Golden Cross rose to relatively high levels earlier. This growth happened as the asset’s price rallied towards the $71,000 level.<\/p>\n
The metric had touched the 3.17 mark in this surge, which suggests the coin may have become too overpriced. Indeed, the asset followed this by observing a sharp drawdown<\/a>, which took it back under the $65,000 level.<\/p>\n
As the quant has marked in the chart, a similar pattern of the NVT Golden Cross hitting these high levels and resulting in a price correction was observed at different points over the last few years.<\/p>\n
Related Reading: Bitcoin Traders No Longer Extremely Greedy: Rebound Signal?<\/a><\/div>\n
Since the latest overheated signal, the indicator has cooled off alongside the Bitcoin price, although it hasn’t gone towards the negative side yet.<\/p>\n
BTC Price<\/h2>\n
Bitcoin has recovered over the past day as its price has now climbed back to $67,800.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the price of the asset has seen some uplift over the last 24 hours | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, CryptoQuant.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Bitcoin Network Value to Transactions (NVT) Golden Cross indicator attained overheated values coinciding with the recent local top in the price. Bitcoin NVT Golden Cross Surged To 3.17 During Recent Peak An analyst in a CryptoQuant Quicktake post explained that the NVT Golden Cross may have served as an indicator of the recent top in cryptocurrency prices. The “NVT” refers to an on-chain metric that tracks the ratio between Bitcoin’s market cap and transaction volume (both in USD). This ratio is generally used to determine whether the asset’s price is fair or not. Related Reading: Bitcoin Short-Term Holders Capitulate: $5.2 Billion Sold At Loss When the indicator has a high value, the asset’s price (the market cap) is high compared to its utility (the transaction volume). Such a trend may suggest that the coin could be overvalued currently. On the other hand, the low metric could suggest the network isn’t valued fairly compared to its high ability to transact capital, and as such, its price may be due to an uplift. In the context of the current discussion, the NVT itself isn’t interesting, but rather, a modified version called the NVT Golden Cross is. This metric compares the short-term trend of the NVT (10-day moving average) against its long-term trend (30-day MA). Like the NVT, this variant is also used to estimate the fairness of the asset. Historically, values greater than 2.2 have been a signal that BTC is overheated, as the short-term trend is notably outpacing the long-term at these levels. Similarly, values under the -1.6 level may indicate that the cryptocurrency is undervalued; hence, its price may likely form a bottom and find a rebound soon. Now, here is a chart that shows the trend in the Bitcoin NVT Golden Cross over the last few years: The value of the metric seems to have been going up in recent days | Source: CryptoQuant As displayed in the above graph, the Bitcoin NVT Golden Cross rose to relatively high levels earlier. This growth happened as the asset’s price rallied towards the $71,000 level. The metric had touched the 3.17 mark in this surge, which suggests the coin may have become too overpriced. Indeed, the asset followed this by observing a sharp drawdown, which took it back under the $65,000 level. As the quant has marked in the chart, a similar pattern of the NVT Golden Cross hitting these high levels and resulting in a price correction was observed at different points over the last few years. Related Reading: Bitcoin Traders No Longer Extremely Greedy: Rebound Signal? Since the latest overheated signal, the indicator has cooled off alongside the Bitcoin price, although it hasn’t gone towards the negative side yet. BTC Price Bitcoin has recovered over the past day as its price has now climbed back to $67,800. Looks like the price of the asset has seen some uplift over the last 24 hours | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, CryptoQuant.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":601473,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,92013,91804,92014,17260,87452,84738,1119,1144],"class_list":["post-601454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-downturn","tag-bitcoin-indicator","tag-bitcoin-local-top","tag-bitcoin-nvt","tag-bitcoin-nvt-golden-cross","tag-bitcoin-top","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nThis Bitcoin Indicator May Have Signaled Latest Market Downturn In Advance<\/title>\n<meta name=\"description\" content=\"The Bitcoin 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"This Bitcoin Indicator May Have Signaled Latest Market Downturn In Advance","url":"http:\/\/wncen.com\/news\/bitcoin-indicator-signaled-downturn-advance\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-indicator-signaled-downturn-advance\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/kanchanara-Lta5b8mPytw-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/kanchanara-Lta5b8mPytw-unsplash.jpg?fit=6048%2C4024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin downturn","bitcoin indicator","bitcoin local top","bitcoin nvt","bitcoin nvt golden cross","bitcoin top","btc","btcusd"],"dateCreated":"2024-04-05T01:00:48Z","datePublished":"2024-04-05T01:00:48Z","dateModified":"2024-06-11T08:47:16Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"This Bitcoin Indicator May Have Signaled Latest Market Downturn In Advance\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-indicator-signaled-downturn-advance\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-indicator-signaled-downturn-advance\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/kanchanara-Lta5b8mPytw-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/kanchanara-Lta5b8mPytw-unsplash.jpg?fit=6048%2C4024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin downturn\",\"bitcoin indicator\",\"bitcoin local top\",\"bitcoin nvt\",\"bitcoin nvt golden cross\",\"bitcoin top\",\"btc\",\"btcusd\"],\"dateCreated\":\"2024-04-05T01:00:48Z\",\"datePublished\":\"2024-04-05T01:00:48Z\",\"dateModified\":\"2024-06-11T08:47:16Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/kanchanara-Lta5b8mPytw-unsplash.jpg?fit=6048%2C4024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/601454"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=601454"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/601454\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/601473"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=601454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=601454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=601454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}