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Bitcoin indicator shows ‘oversold’ levels, bounce-back in the offing?

Bitcoin

TL;DR Breakdown

  • Bitcoin has been down for almost 2 months leaving investors curious.
  • Back on Monday, Bitcoin showed signs of recovery as it reached $41k.
  • The NVT indicator shows that Bitcoin is at its lowest selling levels.

Bitcoin/USD chart traded around $37,200 as things got pretty sweaty for traders. Strong support was placed at $38,000 which was broken by the coin. Later, the coin was able to recover easily and this causes the entire market to increase, if only by a small scale. According to experts, BTC seeks to retest the resistance that it broke a few days prior.

This is an understandable reason for the belief of experts that BTC is not in the clear zone. It could be that the price of the coin is getting ready for a rebound but that is not assured. There is a chance that Bitcoin might fall further but as it is closer to the levels of $40,000, one can say that it might remain at those levels and try to expand further towards the $40k price mark.

Woobul indicator levels indicate overselling of Bitcoin

Bitcoin was able to break the $40k price and just when the entire market was going up, BTC started to fall further and now, it is trading at around $39,000 as of now and traders have a more optimistic point of view when it comes to the performance of the coin. Traders like Crypto Cobra expect the market to rebound in the next couple of days and believe this to be the chance to collect your money and invest.

Bitcoin price
Source: TradingView

Bitcoin is full of surprises. As of now, the US dollar is being excessively printed by the FED and gold is being sold at a price which is its lowest in 6 weeks. In such a scenario, one can say that the time has come for Bitcoin to shine.

Woobul indicator is an NVT or network value to transaction signal and it was initially created by Willy Woo. According to this indicator, it is possible for the biggest crypto to bounce back at this point. This is because, in accordance with the historical data, the indicator shows that BTC is being ‘oversold’. The next step after overselling is rebound and it could be that BTC rebounds to $40k and tests the new resistance once again.

Parth Dubey

Parth Dubey

A writer, an author, a freelancer with writings in over 50+ niches, an editor, a proofreader, a music enthusiast, a YouTuber, a podcaster, and someone, who puts consistent efforts each day to make sure his creativity is noticed. What's more? I love cryptocurrencies.

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