The post 3 Indicators Signal That Bitcoin Found Bottom at $49,000 appeared on BitcoinEthereumNews.com.

As Bitcoin’s (BTC) price fell below the $50,000 mark, panic ensued in the crypto market, leading to outflows of more than $300 billion in a day. However, what follows this crash is the bigger question, as many are considering this a bottom and expecting a recovery. Is this a bottom, though? Bitcoin Indicators Send Mixed Signals Bitcoin’s price falling to an intra-day low of $48,974 on Monday got many thinking that the only way from here would be up, and that could be the case as well. Two major indicators, the first of which is the NVT Signal, are signaling a bottom at the moment. The Network Value to Transaction (NVT) signal is used to assess the relationship between a cryptocurrency’s market capitalization and the volume of transactions on its network. Differing slightly from the NVT ratio, this indicator measures market cap against the 90-day moving average of daily transaction volume. Generally, the indicator falling below 45 is considered an oversold condition and signals a bottom. However, at the moment, the signal is falling through the uptrend line by 23.2% in a week. This invalidated the uptrend line and also signaled a bottom, as the indicator is noting an uptick at the moment. Read More: Bitcoin Halving History: Everything You Need To Know Bitcoin NVT Signal. Source: Glassnode Another crucial signal is the Bitcoin Bull-Bear Market Cycle indicator, which does not signal an explicit bottom. As its name suggests, the indicator is used to assess the momentum building in the market.  Since late January 2023, the indicator has been exhibiting a bull market of varying intensities. However, for the first time since December 2021, the indicator is noting a bear market. This shows that bullishness has subsided, and bearishness is dominating the market. Bitcoin Bull-Bear Market Cycle Indicator. Source: CryptoQuant…

---

Filed under: News - @ August 8, 2024 8:22 am