gigisulivan
NVT Golden Cross entered BTC selling zone again
While this is more reliable during heights of bull run, hard to ignore that most recent touch over 2.2 overbought zone, did result in a rapid drop on BTC from 30k and even that was not enough to cool down Network Value to Transaction index enough. We've hit over 2.2 again yesterday and will be very interesting to see how far it will go before another stronger move down. This corresponds well with stronger move down in BTC's price due, in earlier hashrate analysis and recent increased activity in 7-10 years old BTC. Pair that with very similar price action to May-Sept 2019 and even more so to Nov 2021, we are likely looking at a 2023 rally reversal to be confirmed in the coming weeks.