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has risen from $25,000 to $26,700 recently, but there are different opinions about the price movement.
- NVT Signal is used as an indicator that calculates Bitcoin’s total value divided by the 90-day moving average of daily transaction value, and it has shown a significant increase recently.
- Current NVT data indicates an increase in Bitcoin volume, which could increase the likelihood of a rising trend in price.
Bitcoin NVT Signal May Indicate an Upward Trend!
With the recent price movement, Bitcoin has risen from $25,000 to $26,700. While many analysts believe that the price of BTC will fall again, according to some experts, the upward trend may resume.
The graph above shows Bitcoin’s NVT Signal. NVT Signal (NVTS) is a modified version of the NVT Ratio that uses the 90-day moving average of daily transaction volume as the denominator.
To explain it more clearly; NVT Signal is an improved version of the NVT Ratio, which calculates the total value of the Bitcoin network divided by the 90-day moving average of daily transaction value.
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When we examine the current NVT graph of Bitcoin, as seen in the above graph, a significant increase has occurred recently. In the past, when such an increase occurred, a rising trend in BTC price started, and the BTC price reached $69,000.
When we examine the current NVT data, we can see that there has been a significant increase in the data as well. This may be due to the increase in Bitcoin volume in recent times. The high increase in the average volume of Bitcoin in the last 90 days indicates the possibility of a rising trend in BTC price.
What Does Bitcoin’s Technical Price Chart Say?
When we examine the daily technical chart of Bitcoin, we can see that it continues its upward movement. As long as the BTC price performs price movements above the $25,800 support, it can reach the levels of $27,000 first and then $28,300.
If the BTC price cannot achieve daily candlestick closures above the $27,000 level, it may retrace back to the blue support area. If the BTC price achieves daily candlestick closures below the $25,000 level, it may decline to $24,225.
When we look at Bitcoin’s NVT data, we can see that the recent upward movement in BTC has been reflected significantly in the data. Considering the data, if the increase in volume in Bitcoin continues, we will continue to see upward movements.
However, it is important not to forget the regions in the technical chart of BTC mentioned above. Although NVT data shows positive signs for an upward trend, it is advisable to be cautious against the significant increase in SEC lawsuits and FUD news in the market.