Bitcoin’s NVT Golden Cross Signals Potential Price Decline
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New technical analysis suggests that Bitcoin’s current market conditions may lead to further price declines.
Bitcoin NVT Golden Cross Suggests Price Pullback Likely To Continue
A CryptoQuant Quicktake post suggests that the Network Value to Transactions (NVT) Golden Cross indicates Bitcoin (BTC) holds a high market capitalization with low network transaction volume, raising concerns about an inflated price. Over the past seven days, BTC has dropped 5.5%, currently trading in the low $80,000 range. Analyst BorisVest warns that based on the NVT Golden Cross, Bitcoin’s price decline could continue.
BlackRock CEO Warns US Fiscal Instability Could Elevate Bitcoin’s Global Role
BlackRock CEO Larry Fink has warned that America’s growing debt burden could erode the US dollar’s dominance. He says unchecked deficits could open the door for digital assets like Bitcoin to take its place on the global stage. In his annual letter to investors, Fink acknowledged the benefits of the US dollar as the world’s reserve currency but cautioned that this privilege may not last. He pointed out that the US national debt is growing three times faster than GDP and by 2030, interest payments and mandatory government spending could use up all federal revenue.
Will Bitcoin Downtrend Continue? This Metric Suggests Yes.
On-chain data shows the Bitcoin Network Value to Transactions (NVT) Golden Cross is currently showing a trajectory that could suggest a bearish outcome for the BTC price. The NVT Golden Cross is NEAR overheated territory right now, as explained by an analyst. The “NVT Ratio” is an on-chain indicator that tracks the ratio between the Bitcoin market cap and transaction volume. A high NVT Ratio indicates that BTC’s value (market cap) is high compared to its transaction volume, which may suggest a potential downturn in price.
California Lawmaker Adds Bitcoin and Crypto Rights To Digital Assets Bill
A Californian lawmaker, Avelino Valencia, has amended Assembly Bill 1052 (AB1052) to recognize digital assets as a payment method, secure self-custody, and protect investors. On March 28, the Democrat lawmaker introduced changes, renaming the bill from the “Money Transmission Act” to “Digital Assets” and explicitly recognizing digital assets as a “valid and legal” payment method in private transactions for goods and services.
Top 3 Cryptocurrencies That Could Take Top Charts In April - Market Update
The cryptocurrency market is facing challenges, with Bitcoin (BTC) dipping below $78,000 on Mar. 11 and climbing to $88,000 on Mar. 25 before dipping again to the $83,000 level. The global crypto market cap has also taken a hit, dipping to $2.79 trillion as of Apr. 1. The latest market dip is attributed to macroeconomic uncertainties, including tariffs implemented by the US against Canada, Mexico, and China from Apr. 2. Many anticipate a negative impact on the American economy.
