$69,000 Could Be a Local Bottom According to This Golden Confluence in Bitcoin

According to blockchain data, Bitcoin (BTC) price may find its local bottom at $69,000.

The Network Value to Transactions (NVT) Golden Cross in Bitcoin may indicate that a new support point has formed in the Bitcoin price.

NVT Golden Cross is an indicator similar to Bollinberg bands. Quotation shows local bottoms and tops, making it easier for users to open long or short positions.

Importance of NVT indicator

In periods when the short-term trend in NVT is greater than the long-term trend, the indicator rises to a level of 2.2 and above. This is interpreted as the price is higher than it should be and the short signal is lit.

According to CryptoQuant files, if this value is -1.6 or below, it means that the long-term trend is larger than the short one and the long signal is lit.

Post ETF trends

According to a CryptoQuant analyst, the NVT Golden Cross has not fallen to the -1.6 level since spot Bitcoin ETFs entered the market.

However, after the ETFs were approved, the range of 0 to -1 was temporarily entered.

There was a net inflow of $886 million into spot Bitcoin ETFs in the USA last day. This was the ETF's second-most successful performance since it entered the market.