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Bitcoin’s Advanced NVT signaled a local bottom for the first time in 6 months BTC fell by 3.92% on the charts over the past week Over the past month, Bitcoin [BTC] has struggled to maintain any upward momentum on the charts. In the last 30 days, BTC has traded sideways with high price fluctuations too. In fact, at the time of writing, the cryptocurrency was trading at $94,532 following a decline of almost 4% on the weekly charts. The prevailing market conditions have left analysts talking about Bitcoin’s price action and what might be next for the crypto. According to Cryptoquant’s Burak Kesmeci, for instance, a potential local bottom for BTC may be in now, with the analyst citing the Advanced NVT. Is Bitcoin’s Advanced NVT indicating a local bottom? In his analysis, Kesmeci posited that Bitcoin may have hit a local bottom. According to him, this assertion is based on the Advanced NVT alluding to the same for the first time in 6 months. Source: X Historically, when this signal emerges, Bitcoin records significant gains on the price charts. When an asset hits a local bottom, it’s usually an invitation for markets to engage in strong buying activity. With higher buying pressure while sellers exit the market, prices start to recover. If this is indeed Bitcoin’s local bottom, it would mean that investors view the press time price as low and might soon start opening new positions. Therefore, although Bitcoin has failed to continue with the speed observed in November, it’s early to take a call on the leading market trend. In fact, Kesmeci argued that there’s still room for growth since various on-chain data, especially the Advanced NVT, indicated so. What does it mean for BTC’s price charts? While the analysis provided above seemed to offer a promising…

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Filed under: News - @ January 13, 2025 12:02 am