• BTC’s NVT ratio declined which meant that it was undervalued.
• A few metrics and market indicators looked bearish on Bitcoin.

After crossing the $50,000 mark, Bitcoin’s [BTC] momentum declined again  as its value moved sideways. In fact, the king of cryptos price was hovering in between a price band, suggesting a few more slow-moving days ahead. 

Bitcoin is slowing down

After growing by nearly 30% in the last 30 days, the price action of BTC turned sluggish once again. This was evident from the fact that its value only moved marginally over the last few days.

At the time of writing, BTC was trading at $50,948.23 with a market capitalization of over $1 trillion.

Coinglass’ recent tweet also pointed out that BTC’s price was moving between the $52k and $50.5k range. These levels also acted as BTC’s resistance and support levels, respectively.

If BTC’s price manages to break out of the resistance zone, the possibility of BTC touching $55,000 is high.

However, if the opposite happens and BTC falls below its support zone, investors might witness a further downtrend. Therefore, to get better clarity, AMBCrypto checked BTC’s on-chain data.

We found that BTC’s Network Value to Transactions (NVT) ratio registered a downtick over the last few days. Whenever the metric declines, it suggests that an asset is undervalued, indicating that there are chances of a price uptick. 

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Author: Dipayan Mitra

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