A neutral BTC could mean a hold sign for LTHs, but will STHs see eye to eye?
April 26, 2023
By Aashna Dunwani
How many are 1,10,100 BTCs worth today?
BTC’s NVT golden cross stood above the 2.2 mark which wasn’t a good sign for the king of cryptocurrencies.
BTC’s fear and greed index also stood in a neutral position at the time of writing.
The last 20 days have been nothing short of a rollercoaster ride, not only for Bitcoin [BTC] but also holders and investors alike. As exhilarating as BTC’s price above $30k was, its movement over the last few days could be deemed as the opposite.
Traders and investors could also have to brace for some more impact. As per a CryptoQuant analysis by gigisulivan, BTC’s price could drop further in the days to come. As per the analysis, BTC’s NVT golden cross ratio hit 2.235 on 25 April.
Note that anytime the NVT cross ratio goes above 2.2, the cryptocurrency is overbought. The NVT ratio surpassing the 2.2 mark meant that BTC was overbought and that a price correction could be on the cards.
It’s all about the mixed tape
At the time of writing, data from CoinMarketCap indicated that BTC was exchanging hands at $28,224 and witnessed a surge of 2.85% over the last 24 hours. However, its seven-day performance was down by ∼7%.
Upon considering BTC’s exchange netflow, it could be seen that at press time, the king coin’s outflow dominated the inflow. The exchange netflow stood at -1,110 at press time.
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