- Santiment revealed in an X post that Bitcoin’s Network Value to Transaction ratio had improved significantly.
- According to the post, this metric has signaled a turnaround following the uptick in Bitcoin’s network activity in October.
- BTC was attempting to break out above a positive medium-term price channel.
The blockchain intelligence platform Santiment revealed in an X post today that Bitcoin’s (BTC) Network Value to Transaction (NVT) ratio has improved significantly. According to the post, this primary metric, which is used by many traders, has exited bearish territory.
#Bitcoin's NVT (Network Value to Transaction) ratio has improved significantly, one of @santimentfeed's primary alpha #crypto market signals for traders. The metric indicates whether the amount of unique $BTC circulating is healthy relative to current market cap levels. pic.twitter.com/gu4CDDxMt9— Santiment (@santimentfeed) November 16, 2023
Santiment also shared that this indicator signaled a turnaround after the market leader recorded an uptick in network activity in October. BTC’s price performance over the past 24 hours seems to have coincided with this bullish indicator.…
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