NEW!Incredible offer for our exclusive subscribers! Read More
AltcoinsBTCCryptoETHMiningOtherStock

Bitcoin Looks Extremely Oversold with NVT Lowest for the Entire Rally: Analysis

1 Mins read

Chart provided by popular analytics platform Glassnode shows that Bitcoin NVT (Network Value to Transactions) Ratio has been at the lowest point during the entire BTC rally that began in October last year and continued in January, pushing Bitcoin first above the $20,000 level and the driving it on to $40,000 and then $64,000 zone.

Source: u.today

Bitcoin NVT can be calculated by dividing the network value (market capitalization) by the volume of USD transferred on the BTC blockchain per day and it shows if Bitcoin is overbought or oversold.

As per the chart, BTC NVT is almost as low as it was in March last year, when the Black Thursday took place, pushing equity and crypto markets deep down.

Back then, Bitcoin lost 50 percent in one day and plunging below the $4,000 level. Crude oil quotes plummeted below zero.

The current low level of Bitcoin NVT clearly demonstrates that the king crypto is very much oversold.

Image via Twitter

Related posts
Other

Cointolab blocked more than 10 thousand wallets from Russia

1 Mins read
The Cointolab platform said it has blocked more than 10,000 wallet addresses associated with Russian individuals or entities that it believes are…
AltcoinsBTCCryptoETHMiningOtherStock

Bitcentr launched the largest aid campaign!

1 Mins read
Ukraine is at war, war for our freedom but also for European freedom and democracy. People of Ukraine are in a big…
Other

Cryptexby with Bitfinex will start a trading giveaway for Telegram users

1 Mins read
In this paragraph, Bitfinex with Friends of Cryptexby.com are starting with Top crypto giveaway. After that From 0.001 tо 0.25 bitcоin and…
Power your team with InHype

Add some text to explain benefits of subscripton on your services.

Leave a Reply

Your email address will not be published. Required fields are marked *