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17 January 2021

Bitcoin Fundamentals Paint Bullish Picture Despite Latest Pullback | Crypto Briefing

Bitcoin Fundamentals Paint Bullish Picture Despite Latest Pullback | Crypto Briefing


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In November, the Bitcoin network witnessed higher profit-booking tendencies after its price increased by 42.5%, reaching apeak value of $19,860.

The movement of Bitcoin from old addresses or large value transactions pushes this metric up. .

The Network Value Transfer (NVT) ratio is another robust indicator for assessing overbought or oversold market conditions.

It measures the total value of transactions to BTC’s total market capitalization. 

A lower ratio signals an under-priced situation where the network is handling more transactions relative to its market value

The Spent Output Profit Ratio (SOPR) is an oscillating indicator that gauges the market’s momentum

The strong recovery in price after the recent pullback shows that “buy the dip” psychology is in play

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