Analyst: Bitcoin exits oversold territory, begins gradual recovery

Bitcoin has moved out of its oversold state, according to crypto analyst MorenoDV in a contribution to CryptoQuant. The analysis points to the NVT (Network Value to Transactions) Golden Cross indicator, which has rebounded from -0.58 to 0.32. A reading above 2.2 on this metric typically indicates overbought conditions, while a level below -1.6 signifies an oversold market. The analyst explained that the NVT Golden Cross reached its lowest level of the current cycle, which could structurally suggest a short-term bottom has been established. He added that the indicator is now entering a gradual recovery phase.