Bitcoin price completes leg down to $37.4K as key indicator hits record ‘oversold’ level

The Bitcoin price opened the year at $17,780 then plummeted to $11,000 in November, from which it has bounced back to $14,000. The price has now fallen below $6,000 and is currently hovering around $7,500. This is likely to only serve to heighten the volatility of the price and, in my opinion, it may be time to start looking at trading opportunities.

After the bitcoin price dropped nearly $2,000 in the past two days, Bitcoin remains down by close to $1,000 and it looks like this crypto is in for another dip. The bitcoin price has been dropping since the beginning of the month. The loss of nearly $2,000 in two days can be attributed to a number of factors, including the announcement of the bitcoin ban in India, as well as the oversupply of the digital currency and big banks moving to block bitcoin funds.

Bitcoin (BTC) has crossed the 18 mark. The $38,000 support level from June, but a reversal on solid support has already prompted traders to look for new upside opportunities. 1-hour candlestick chart of BTC/USD (Bitstamp). Source: TradingView

Bitcoin buying wall is being severely tested

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD hit a local low of $37,200 on Bitstamp before rebounding. According to Cointelegraph, a large wall of support appeared Thursday on Binance, the largest exchange, about half of which is still standing, with $36,500 as a line in the sand. BTC is about to retest the shear it emerged from a few days ago, says popular trader Rekt Capital in his latest update. Buy and sell BTC/USD on Binance from 18. June. Source: Hardware/Twitter Display Bitcoin price completes leg down to $37.4K as key indicator hits record ‘oversold’ level While the possibility of a deeper decline remains, continued hesitation at levels near $40,000 gives commentators reason for optimism. Sources, including Crypto Cobra, are now predicting a sharp rise in the cryptocurrency market in the coming weeks, if not days. This week’s Federal Reserve meeting did little to improve sentiment, even as officials predicted higher inflation and refrained from scaling back unprecedented market intervention in response to a coronavirus. Bitcoin barely reacted, fellow trader Scott Melker noted, while gold sold off and hit a six-week low. Only the U.S. dollar rose, even though the outlook did not seem favorable. I think the dollar should rise because the Fed is committed to printing more money and continuing quantitative easing at least through the end of the year, Melker said. We live in a world of twists and turns.

NVT suggests thatbitcoin is oversold

Meanwhile, bitcoin is in oversold territory at current prices, according to the latest incarnation of the classic indicator. According to Willie Wu, founder of analyst firm Woobull, the Network Trading Value (NTV) signal is currently on the low side of what has always been an inflection point. Related: Willie Wu doesn’t think bitcoin’s general rise is over. The NVT signal is based on the NVT coefficient, a method of estimating the value of bitcoin from network and transaction values, using a moving average for the result. Wu describes the NVT signal as a more reactive version that can be used by traders. I updated the NVT signal to correct the upward drift in the metric (due to volumes leaving the blockchain leaving only L2), he shared with his followers on Twitter on Thursday. And yes, BTC is clearly at historical levels. Bitcoin NVT signal card. Source: Woobull Bitcoin price completes leg down to $37.4K as key indicator hits record ‘oversold’ level

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