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Bitcoin has reached the oversold zone: If the price turns, this could be the first target! - Coin Bulletin
Analysts have revealed where the first target for the price to recover could be as Bitcoin enters oversold territory.
CryptoQuant analyst stated that the NVT Golden Cross indicator provides important signals about the current market conditions. The analyst mentioned that the NVT (Network Value to Transactions) ratio falling below -2.4 indicates that the market has entered the oversold zone. While the NVT value reflects the ratio of market value to the transfer volume in the network, values below -1.6 indicate the market bottom and oversold conditions.
CryptoQuant analyst highlighted that the NVT value is currently below -2.4, indicating that the market may be in a local bottom area. The expert emphasized the continuation of oversold conditions in the market and stated that in the event of a potential recovery, the 111-day moving average (DMA) level is around $96,895 and could function as a resistance level.
As a result, while the current NVT value of Bitcoin indicates that the market is in the oversold zone, investors are advised to pay attention to the 96,895 dollar level in the event of a possible price reversal.