Bitcoin NVT Golden Cross Struggles to Reach New Highs
blockchainreporter.net + 1 more 29 August 2024 10:51, UTC The NVT Golden Cross is currently struggling to surpass its previous peaks. It is a key indicator used to assess Bitcoin’s market dynamics. This metric helps identify potential local tops and bottoms in Bitcoin’s price movements. It is based on a simple formula: readings above 2.2 points suggest a local top, while those below -1.7 points indicate a local bottom, according to CryptoQuant. But instead of showing precise values where tops and bottoms may happen, the NVT Golden Cross identifies areas where such patterns appear.
The NVT Golden Cross is struggling to surpass its previous peak. What does this mean?
“#Bitcoin price has been declining. All of this indicates that the current uptrend is losing momentum.
It seems that for the momentum to be regained, the NVT Golden Cross needs to surpass the… pic.twitter.com/Old4J8KbZr
— CryptoQuant.com (@cryptoquant_com) August 29, 2024
NVT Golden Cross Peaks Decline, Signaling Possible Slowdown in Bitcoin’s Uptrend
The logic further continues that within the last six months, one can see that the peaks of this NVT Golden Cross have declined significantly. It then reached its peak on March 31 with a rating of 3.17 points. This was accompanied by slightly lower high tides at 3.08 on April 29, 2.67 on May 27, 2.03 on July 29, and the lowest high tide of 1.46 on August 26. This declining trend indicates that the metric is still unable to bounce back to the previous spikes.
The failure of the NVT Golden Cross to provide a higher high level is important because it comes amid the Bitcoin price decline. This pattern reveals that the current uptrend in the cryptocurrency market of $BTC may be slowing down. Lack of another higher value in the metric weakens the strength behind Bitcoin’s recent rallies and may indicate the inability of the potential to sustain the uptrend.
NVT Golden Cross Performance to Determine Next Bitcoin Move
To reach the bullish condition again for Bitcoin, the NVT Golden Cross would have to rise through the previous high with an indication that the asset is once again gathering strength and attracting more investors’ attention.
Without this upward movement, the current market conditions signify a slowdown and the price remains under bear pressure, as per reported by CryptoQuant. Therefore, NVT Golden Cross performance in the following weeks will define whether Bitcoin will continue its upward movement or decline further.
