Bitcoin’s ‘Golden Cross’ – A catalyst for BTC’s next big move to $70k?

Bitcoin experienced a surge over the weekend, briefly crossing $60k mark. However, it has since returned to a press time price of $58,507.40.

Bitcoin’s peaks of the NVT Golden Cross were observed to be trending lower over the past six months.

Those values above 2.2 indicate that the network is likely overpriced, while values below -1.6 signal a market bottom.

The peaks in the NVT Golden Cross began above 6 in late 2022. However, they declined sharply as Bitcoin formed lower highs on the weekly chart.

At press time, the peaks were around 1.5, indicating that the market may have been undervalued relative to transaction volume and presenting an accumulation opportunity.

Bitcoin 180-day mean coin age continued to trend higher even as the weekly market structure turned bearish in recent months.

This metric showed the average age of coins being transacted on the Bitcoin network. A rising 180-day mean coin age suggested that older coins were being moved, while a declining value indicated that newer coins were being sold.

The 180-day mean coin age peaked at around 220 days in late March. After forming lower lows, it began trending higher again as Bitcoin formed lower highs on the weekly chart. At press time, the metric was valued at 203 days.

Past month saw strongly positive social media engagement despite choppy Bitcoin price trend.

This metric measured the total number of likes, shares, and comments on the top 500 crypto-related posts on social media platforms.

Past month saw strongly positive social media engagement, even though the Bitcoin price trend was choppy. This suggested that retail traders were still interested in crypto, despite the recent downturn.

At press time, the metric was valued at 100k, indicating strong retail interest in Bitcoin.

Bitcoin’s MVRV was negative to show holders were at a loss and that the asset was likely undervalued.

This metric compared the market value to the realized value of all coins that were moved on a given day.

Values above 1 indicated that, on average, holders were in profit if they were to sell their coins at the current market price. Conversely, values below 1 showed that, on average, holders were at a loss.

Bitcoin’s MVRV was valued at -0.24 at press time, indicating that holders were at a loss and that the asset was likely undervalued.

Bitcoin daily active addresses metric remained stable since June.

This metric counted the number of unique Bitcoin addresses that were either sending or receiving coins on a given day.

Past months saw a downturn in daily active addresses, coinciding with a period of low volatility in the Bitcoin market. However, the metric remained largely stable since June.

At press time, the metric was valued at 600k, indicating a stable level of on-chain activity.