Bitcoin Price May Be Lurking Under Value Ahead of Big Move
The price of Bitcoin has been dropping since its recent high of $66,520 on July 21, but blockchain data suggests that it may be preparing for a larger move.
CryptoQuant author CryptoOnchain pointed to the NVT Golden Cross as a key bullish trend. The indicator compares Bitcoin's market value with its transaction activity and helps identify when the price may be lower than the network's actual usage suggests.
The NVT Golden Cross jumped 429% above its 90-day average and increased 34.7% over the past week to reach 0.36, indicating that network activity is growing faster than Bitcoin's price.
However, exchange data shows mixed signs, with Binance seeing 5,124 BTC leave the platform on July 27 but then having 1,109 BTC flow back in on July 28, suggesting that traders are adjusting their positions rather than following a clear buying or selling trend.