Bitcoin NVT Golden Cross Signals Potential Local Bottom around $69K?
In the NVT GC data, the red zone can indicate a local top, while the green zone can indicate a local bottom.
However, with the inclusion of Spot ETFs in recent times, the situation has become a bit more complex. Since the increase in Spot ETF inflows in February 2024, a local bottom of -1.6 points has not been seen in NVT GC. We can also see the effect of ETF inflows on the market specifically for this data.
On the other hand, we have witnessed that NVT GC has made local bottoms (since February 2024) in the range of 0.00 to -1.00 points.
As of now, NVT GC is at 0.14 points. This indicates that we may soon see a local bottom in the 69-70K region. The 886.6 million dollar Spot ETF inflows that came yesterday also support this. I will follow NVT GC closely and update you when it reaches the white zone.
Thank you for reading.
Written by burakkesmeci
