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Home»Bitcoin»Can Bitcoin Rise Above $35,000?
Bitcoin

Can Bitcoin Rise Above $35,000?

2023-11-06No Comments3 Mins Read
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  • The price of BTC has moved marginally over the past 24 hours.
  • Most market indicators and metrics looked bearish.

Bitcoins [BTC] The price has been around $35,000 for quite some time. While this was a positive signal, it also marked an end to the crypto king’s bull rally. But some data sets suggest dark days lie ahead for BTC.

Is Bitcoin Actually Overvalued?

Bitcoin investors are finally rejoicing that the coin has managed to stay above a key level. However, the profit wave has stopped somewhat as the price has not risen as quickly as it did a few weeks ago.

According to CoinMarketCapBTC is only up 4% in the last 24 hours. At the time of writing, BTC was trading at $35,154.78 with a market cap of over $686 billion.

While BTC‘s price remained around $35,000, a key indicator turned bearish. MAC_D, an author and analyst at CryptoQuant, recently noted in a analysis that BTC’s Network Value to Transactions (NVT) signal reached an apparently overvalued level.

To be precise, the pressing time value of this indicator was 2.19.

Source: CryptoQuant

For the uninitiated, the NVT ratio describes the relationship between market capitalization and transfer volume. The measure is calculated by dividing the market capitalization of a coin by the total amount of BTC transaction volume in the chain. However, there was an interesting catch.

MAC_D mentioned in the analysis that such episodes often occur in earlier recovery phases, with BTC rising as market capitalization increases. This has often led to further price gains and a transition to a bull market.

See also  Has Bitcoin Rally reached the top yet? This is what Puell Multiple says

Although the NVT signal has behaved differently in the past, let’s look at other metrics to see if a price correction is coming.

Bitcoin could witness a correction

CryptoQuant’s facts revealed that BTC’s foreign exchange reserve was increasing, meaning selling pressure on the coin was high at the time of writing. The aSORP was also red. This clearly meant that investors were selling their investments at a profit, which could be interpreted as a market top in a bull market.

Source: CryptoQuant


Read Bitcoins [BTC] Price prediction 2023-24


Not only these statistics, but also some market indicators seemed bearish for the king of cryptos. For example, the MACD showed a bearish crossover. BTCThe Relative Strength Index (RSI) was in the overbought zone.

Moreover, the Money Flow Index (MFI) registered a decline and headed towards the neutral point, increasing the likelihood of a price correction.

Source: TradingView

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