Bitcoin Hits $107K as NVT Golden Cross Signals No Overheating
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Bitcoin ($BTC) has made another notable development by touching the $107K mark in price. As per the CryptoQuant analyst going by “Burak Kesmeci,” despite attaining a new yearly high mark of $07,200, Bitcoin ($BTC) does not show any sign of overheat. The crypto analyst discussed the bullish outlook of the Bitcoin ecosystem while highlighting the NVT Golden Cross metric.
Bitcoin Shows Not Indication of Overheating Despite Reaching $107K
‘The Network Value to Transaction (NVT) Golden Cross is an important market indicator to gauge whether Bitcoin ($BTC) has entered the overheated zone or not. At present, the metric is positive, pointing out that Bitcoin is currently out of the overheated territory. Hence, the present position of the NVT Golden Cross is up to 1.51, which is well below the critical 2.2 threshold.
level has historically been associated with overheated market conditions. The market onlooker says that the current status of the NVT Golden Cross signifies a considerable room before Bticoin encounters any attention-grabbing overheating concerns. The NVT Golden Cross denotes a widely utilized on-chain metric for the comparison of the market cap of Bitcoin ($BTC) with its regular transaction volume.
NVT Golden Cross Stands at 1.51, Presenting Huge Potential for Surge
In this respect, the metric measures the amount of value being transferred on the ecosystem relative to the cumulative market cap. Thus, at 1.51, Bitcoin’s NVT Golden Cross is well below the alarming 2.2 mark which would underscore overheated conditions. Keeping this in view, the CryptoQuant analyst stays confident about massive price action before Bitcoin ($BTC) gets into an overheated territory. Nevertheless, to determine the further price movement, the next few days will play crucial role.
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