Bitcoin low volume sparks BTC price warning as metric hits 'value zone'
Bitcoin NVT signal data presents conflicting views of what might happen to the current BTC price range. Bitcoin (BTC) price action may be “unsustainably high” as one metric hits its highest levels in seven months. Data from on-chain analytics firm Glassnode confirms that on Dec. 21, Bitcoin’s network value to transaction (NVT) signal reached levels not seen since April. Bitcoin activity may not support $17,000 BTC price Created by statistician Willy Woo, NVT essentially measures the ratio between on-chain activity and the Bitcoin price. NVT signal modifies its readings by using a 90-day moving average of daily transaction volume instead of raw data, something Glassnode says “improves” NVT and allows it “to better function as a leading indicator.” On Dec. 21, NVT signal hit 18.58, a level which last appeared as it declined in the final days of April. At the time, BTC/USD traded at just over $40,000. Fast forward to year end, and NVT is flashing a warning . Despite Bitcoin being wort...