Key Points
- Bitcoin is currently fluctuating between the $101k and $106k range, struggling to break through key resistance levels.
- The Bitcoin NVT golden cross metric hints at a potential price reversal.
Bitcoin’s price is currently in a consolidation phase, fluctuating between the $101k and $106k range.
The cryptocurrency is struggling to break through key resistance levels, hinting at an uncertain market condition.
Bitcoin NVT Golden Cross Metric
An interesting signal has emerged from the Bitcoin NVT golden cross metric. This metric has dropped to a 60-day low of -2.21.
Historically, this has been a strong indicator of potential local bottoms, suggesting that Bitcoin could be nearing a price reversal.
As the market conditions continue to be uncertain, this metric could provide valuable insight into whether Bitcoin is ready to shift direction.