Glassnode Data Shows A Bullish Bitcoin Crossover Has Recently Occurred

Data from Glassnode reveals a crossover in the Bitcoin NVT price model has recently taken place, something that has historically been bullish for the crypto’s price. Bitcoin NVT Price 28-Day Curve Has Crossed Above The 90-Day As per the latest weekly report from Glassnode, the BTC NVT price model has observed a bullish formation recently. NVT stands for “Network Value to Transaction.” The NVT ratio is an indicator that measures the ratio between the Bitcoin market cap and the network transaction volume. Generally, high values of the ratio suggest that the crypto is overvalued right now. While low ones may imply the coin is undervalued. The “NVT price model” takes the two-year median of this metric and multiplies it by the current transaction volume. “The resulting model thus establishes an implied valuation based on the current utilisation levels of Bitcoin for value settlement,” explains the report. Related Reading | Bitcoin Bearish Signal: 600-Day MA Starts To Break Down Now, here is a chart that shows the trend in the 28-day and 90-day period versions of the NVT price model: Looks like positive transaction momentum is building up in the crypto | Source: Glassnode's The Week Onchain - Week 17, 2022 As you can see in the above graph, both the NVT price models seem to value Bitcoin at between $32.5k (90-day) and $36.1k (28-day). The two metrics also look to be bottoming out a...