• BTC’s price moved marginally over the last 24 hours. 
• Most market indicators and metrics looked bearish. 

Bitcoin’s [BTC] price has been consolidated near the $35,000 mark for quite some time now. Though this was a positive signal, it also meant a halt to the king of crypto’s bull rally. But some datasets suggest that dark days might be ahead for BTC.

Is Bitcoin actually overvalued?

Bitcoin investors have finally rejoiced at the fact that the coin has managed to remain above a key level. However, its gaining spree has somewhat stopped as its price has not been moving up as fast as it was a few weeks ago.

According to CoinMarketCap, BTC was only up by 4% in the last 24 hours. At the time of writing, BTC was trading at $35,154.78 with a market capitalization of over $686 billion.

While BTC’s price remained near the $35,000 mark, a key indicator turned bearish. MAC_D, an author and analyst at CryptoQuant, recently pointed out in an analysis that BTC’s Network Value to Transactions (NVT) signal reached an apparently overvalued level.

To be precise, the press time value of this indicator was 2.19.

For the uninitiated, the NVT ratio describes the relationship between market cap and transfer volume. The metric is calculated by dividing the market capita

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Author: Dipayan Mitra

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