Bitcoin indicators show that it has "locally bottomed out".

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ODAILY
08-12
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Odaily Odaily News: Bitcoin sent out a third "local bottoming" signal in 2024. The latest research released by the on-chain analysis platform CryptoQuant on August 8 showed that the network value and transaction golden cross(NVT-GC) tool showed a bullish trend. Bitcoin prices are "overcooled". This week, Bitcoin faced warnings of another price drop as the moving average showed 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 the Bollinger Bands. NVT compares Bitcoin's market value to its trading value within 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 been generated. (Cointelegraph)

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