Cryptocurrencies

BeInCrypto: Bitcoin price nears bottom, recovery is imminent


If we are to believe the analysts at BeInCryptothen the Bitcoin price is approximately at the bottom. According to the platform’s analysts, a key indicator tells us that the selling pressure is slowly being exhausted.

Bitcoin is oversold

The analysts at BeInCrypto predict the local bottom for the Bitcoin price based on the NVT Golden Cross.

That indicator is currently at about the same level as it was in January 2024. Back then, the Bitcoin price plummeted after the ETFs were launched and people were disappointed with the first days of trading.

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At the moment, the NVT Golden Cross is at -1.39 and according to BeInCrypto, this is a signal that Bitcoin is “oversold”. They attribute this to the fear of the billions of dollars of Bitcoin from Mt. Gox coming onto the market and the sales of the German government.

Many buy orders for Bitcoin

Around the current Bitcoin price, we find a lot of support in the order books. IntoTheBlock looked at the buy orders on the 20 largest exchanges in the world and came to the conclusion that Bitcoin has more buyers than sellers around the price of 55,670 dollars.

At that rate, there are 22,075 Bitcoin worth of buy orders and 11,514 Bitcoin worth of sell orders. However, that doesn’t necessarily mean much, because if there is a sudden new panic, then there can suddenly be a lot of sell orders.

The same goes for the reverse of course. So never rely 100% on these types of indicators, but use them to better substantiate your decisions. Certainty does not exist in the market, but you can use data and analyses to give certain scenarios some extra weight.

Now it seems like Bitcoin has enough support to find a bottom here, but we’ve said the same thing before about the $62,000 to $58,000 region.

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