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Bitcoin’s Price Dip Triggers Alert On NVT Golden Cross—Here’s What To Watch For

Bitcoin price correction from its recent all-time high has sparked speculation within the crypto community, with many questioning if the bull run remains intact and what the next price move might be. Currently, BTC trades at a price below the $95,000 mark, down by nearly 7% from its all-time high above $99,000 recorded on November 22. Related Reading: Bitcoin Leverage Remains High – Data Reveals Selling Pressure Above $93K BTC NVT Golden Cross Outlook Amid the ongoing pullback in its price, a CryptoQuant analyst known as Darkfost shared insights on the market’s current state, focusing on a key on-chain metric: the NVT Golden Cross. This metric, which evaluates the relationship between market capitalization and transaction volume, recently turned positive. However, Darkfost cautioned against interpreting this shift as inherently bullish. He noted that while the current NVT Golden Cross value is low and doesn’t pose significant risks, traders should keep an eye on it to avoid potential market pitfalls. Notably, the NVT Golden Cross, quantifying whether Bitcoin’s market cap is outpacing its transaction volume, could be a leading indicator for market trends. According to Darkfost, if the metric climbs to 2.2, it could suggest that Bitcoin’s valuation exceeds its transactional utility. In such cases, Darkfost noted that the market might witness a “reversion to the mean,” signalling potential opportunities for short positions. The CryptoQuant analyst added: This scenario could lead to the beginning of a ranging pattern, which might create a favorable environment for altcoins to perform. Bitcoin Performance Outlook As Bitcoin trades at $93,196 at the time of writing, down by 3.3% in the past day, analysts have turned to their respective sources to assess what is happening with Bitcoin. The crypto market has experienced significant volatility, with roughly 191,493 traders liquidated in the past 24 hours, accounting for $571.80 million in total liquidations, according to CoinGlass data. IntoTheBlock, a renowned market intelligence platform, has recently suggested a major fundamental reason Bitcoin is facing a correction. In a post uploaded on X earlier today, the platform reveals that “elevated funding rates” which signal “excessively leveraged positions” contribute to the ongoing decline in BTC’s price. IntoTheBlock pointed out that the good news is that “funding rates have largely normalized,” indicating that the “leverage flush may have run its course.” Related Reading: Bitcoin Realized Profit Hits ATH At $443 Million – Local Top Or Continuation? Meanwhile, from a technical perspective, Bitcoin might be gearing up for a reversal. Renowned crypto analyst Ali recently took to his X account to reveal that the TD Sequential for BTC is now presenting a “buy signal.” The TD Sequential presents a buy signal on the #Bitcoin $BTC hourly chart, while a bullish divergence forms against the RSI, which could help #BTC rebound to $95,000 – $96,000! Join me in this trade by signing up to @coinexcom using my referral link https://t.co/73n8mW9Y5p. pic.twitter.com/lKozxI8JVP — Ali (@ali_charts) November 26, 2024 Featured image created with DALL-E, Chart from TradingView NewsBTC

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Solana’s Pump.fun Halts Livestream Function After Disturbing Content Sparks Outrage

Pump.fun suspends livestream functionality due to inappropriate content. NewsBTC