Bitcoin indicator shows that it has "partially bottomed out"

Bitcoin signals a third "local bottom" in 2024, and the latest research released by on-chain analysis platform CryptoQuant on August 8 shows that the network value and transaction golden cross (NVT-GC) tool shows a bullish trend. Bitcoin prices are "overcooled". This week, Bitcoin faced warnings of another price drop as the moving averages saw a so-called "death cross". However, other market indicators called for a continued rebound. One of them is NVT-GC, which CryptoQuant describes as a volatility indicator similar to Bollinger Bands. NVT compares Bitcoin's market value to its trading value over a specific time frame, while the golden cross version compares long-term and short-term NVT values. The result is a rough guide to local market tops and bottoms, and in 2024, three such bottom signals have already been produced. (Cointelegraph)