Bitcoin Forms Third Local Low of 2024, Rebound on the horizon?#BTC $BTC

Bitcoin’s (BTC) recent decline signals a possible third local low of 2024, sparking discussion among the crypto community about the future direction of the leading cryptocurrency’s price.

Over the weekend, CryptoQuant released a new analysis highlighting a bullish trend in the Network Value to Transaction Golden Cross (NVT-GC) indicator, suggesting that a price rally could be imminent.

Mixed Signals for Bitcoin

Cryptopolitan reports that BTC has been on the decline in recent weeks, with some analysts warning of further downside for BTC/USD due to moving averages (MAs) showing death cross signals.