{"id":277900,"date":"2021-06-18T11:06:54","date_gmt":"2021-06-18T08:06:54","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-completes-leg-down-to-37-4k-as-key-indicator-hits-record-oversold-level\/"},"modified":"2021-06-18T11:06:54","modified_gmt":"2021-06-18T08:06:54","slug":"bitcoin-price-completes-leg-down-to-37-4k-as-key-indicator-hits-record-oversold-level","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-completes-leg-down-to-37-4k-as-key-indicator-hits-record-oversold-level\/","title":{"rendered":"# Bitcoin price completes leg down to $37.4K as key indicator hits record \u2018oversold\u2019 level"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3c1a816752b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3c1a816752b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-completes-leg-down-to-37-4k-as-key-indicator-hits-record-oversold-level\/#Bitcoin_buy_wall_sees_big_test\" >Bitcoin buy wall sees big test<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-completes-leg-down-to-37-4k-as-key-indicator-hits-record-oversold-level\/#NVT_hints_at_%E2%80%9Coversold%E2%80%9D_Bitcoin\" >NVT hints at &#8220;oversold&#8221; Bitcoin<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin price completes leg down to $37.4K as key indicator hits record \u2018oversold\u2019 level <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) broke through $38,000 support on June 18 but a reversal at solid support already has traders seeking fresh upside.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/bab45dc0-00a8-4f32-87bf-116e93a08a2a.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_buy_wall_sees_big_test\"><\/span>Bitcoin buy wall sees big test<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">TradingView<\/a>\u00a0showed BTC\/USD hitting local lows of $37,200 on Bitstamp before rebounding.<\/p>\n<p>As Cointelegraph reported, Thursday saw a significant wall of support <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear on major exchange Binance, around half of which still remains with $36,500 as a &#8220;line in the sand.&#8221;<\/p>\n<p>&#8220;BTC is in the process of retesting the wedge it broke out from a few days ago,&#8221; popular trader Rekt Capital <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1405614703028604930\">explained<\/a> in his latest update.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/c8ca4a5b-a00c-4e0e-9293-4502e02397ef.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD buy and sell levels on Binance as of June 18. Source: Material Indicators\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>While there remains the chance of a deeper dip, continued ranging at levels closer to $40,000 is giving commentators cause for optimism. Sources including Crypto Cobra are now <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CobraCrypto\/status\/1405544010085769217\">eyeing<\/a> a more significant crypto market rebound in the coming weeks or even days.<\/p>\n<p>This week&#8217;s Federal Reserve meeting did little to buoy the mood, even as officials forecast higher inflation and held off on tapering unprecedented coronavirus-related interventions in the markets.<\/p>\n<p>Bitcoin barely reacted, fellow trader Scott Melker noted, while gold sold off to dip to six-week lows. Only the U.S. dollar benefitted, despite the outlook ostensibly not in its favor.<\/p>\n<p>&#8220;I love that the dollar is going up as the FED commits to more money printing and QE for the rest of the year, at least,&#8221; Melker <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/scottmelker\/status\/1405478886318747651\">added<\/a>.<\/p>\n<blockquote><p>&#8220;We live in the upside down.&#8221;<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"NVT_hints_at_%E2%80%9Coversold%E2%80%9D_Bitcoin\"><\/span>NVT hints at &#8220;oversold&#8221; Bitcoin<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Meanwhile, the latest incarnation of a classic indicator places Bitcoin firmly in &#8220;oversold&#8221; territory at current prices.<\/p>\n<p>According to Willy Woo, creator of on-chain analytics resource Woobull, the network value to transaction (NVT) signal is now at a low which has historically been a bounce point.<\/p>\n<p><em><strong>Related:\u00a0Willy Woo doesn&#8217;t think Bitcoin&#8217;s overall upward run has ended<\/strong><\/em><\/p>\n<p>NVT signal is based on the NVT ratio, a method for valuing Bitcoin using network valuation and value transacted, with a moving average used for the result. Woo <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/charts.woobull.com\/bitcoin-nvt-signal\/\">describes<\/a> NVT signal as a &#8220;more responsive&#8221; version suitable for use by traders.<\/p>\n<p>&#8220;I&#8217;ve updated NVT Signal to correct for upward drift in the metric (due to volumes moving off the blockchain and only L2),&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/woonomic\/status\/1405546727113773057\">told<\/a> Twitter followers on Thursday. <\/p>\n<blockquote><p>&#8220;And yes, BTC is OVERSOLD at historic levels.&#8221;<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/a7c8d24f-7172-4c34-ad49-de59914006d3.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin NVT signal chart. Source: Woobull<\/em><\/figcaption><\/figure>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-completes-leg-down-to-37-4k-as-key-indicator-hits-record-oversold-level\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin price completes leg down to $37.4K as key indicator hits record \u2018oversold\u2019 level &#8221; Bitcoin (BTC) broke through $38,000 support on June 18 but a reversal at solid support already has traders seeking fresh upside. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin buy wall sees big test Data from Cointelegraph Markets Pro&#8230;<\/p>\n","protected":false},"author":1,"featured_media":277901,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvNjc0MmU0ZmItODBmZS00MTliLTkyNWMtOTFjMDEzMTc2ODllLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-277900","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/277900","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=277900"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/277900\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/277901"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=277900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=277900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=277900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}