Bitcoin demand drops: Will BTC see further declines?

AMB Crypto 10 months ago 164

Bitcoin’s apparent demand drops signal overvaluation risks for the cryptocurrency.
Rising social volume and dominance contrast with extreme fear, suggesting mixed market sentiment.

Bitcoin’s [BTC ($87,797.00)] apparent demand has recently plunged into negative territory for the first time since September 2024.

This change indicates a significant reduction in market activity, potentially forecasting a bearish turn in Bitcoin’s price.

At press time, Bitcoin was trading at $89,483.20, marking a 6.60% decrease over the past 24 hours. Could this sudden decline lead to further bearish action, or will Bitcoin weather the storm?

Is Bitcoin overvalued? The NVT ratio signals trouble

The Network Value to Transaction (NVT) ratio of BTC has experienced a sharp decline, dropping by 37.59% over the past 24 hours.

The NVT ratio, which compares Bitcoin’s market capitalization to the volume of transactions being conducted, has traditionally been a tool for determining whether Bitcoin is overvalued.

A sharp decline in this ratio suggests that Bitcoin may be overvalued based on current transaction activity.

This sudden drop in the NVT ratio adds weight to concerns about Bitcoin’s inflated mark...

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