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This Bitcoin price metric just hit 'oversold' for only the 7th time in 8 years
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A Bitcoin (BTC) price metric which made BTC “look seriously cheap” at $56,000 is now in rare oversold territory.
In a tweet on Dec. 6, Philip Swift, Philip Swift, creator of analytics platform LookIntoBitcoin, returned to potentially bullish signals coming from Bitcoin’s Advanced NVT Signal.
Advanced NVT calculates whether Bitcoin is overbought or oversold at a certain price point using market capitalization and network volume.
In late November, when BTC/USD had already fallen to $56,000, Swift suggested that a bounce was due.
The metric subsequently continued to fall in line with spot price thanks to last Friday’s liquidation cascade. A possible plus, however, lies in the return of “oversold” cues from NVT — something which has only occurred
Read more on cointelegraph.comAbout this in other media
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