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 <p>Bitcoin’s NVM ratio has recently risen to 0.52, falling below the 0.6 threshold typically signaling undervaluation. The “NVM ratio” is a measure that examines the correlation between the logarithm of Bitcoin’s market value and the square of its daily active users.</p>  
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 <p>When the NVM ratio is high, Bitcoin is considered overvalued; conversely, a low ratio suggests undervaluation. The present downward trend of this metric implies the potential for a price rise, given the positive network activity.</p> 
 <h3 id="bitcoin-btc-price-shows-weakness-on-charts">Bitcoin (BTC) Price Shows Weakness on Charts</h3> 
 <p>Bitcoin’s SuperTrend indicator has been flashing sell signals while hinting at a deeper price correction. To confirm any bullish reversal, the <a rel="dofollow" title="BTC price" href="https://thebittimes.com/tag/btc-price.html">BTC price</a> needs to close above the $29,500 level, which is 14% higher than the current levels. If Bitcoin fails to recover above this, a bigger correction could be on the cards.</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Notice the precision of the SuperTrend indicator anticipating when to buy and sell #Bitcoin! It recently signaled a sell, hinting at a deeper price correction. </p>  
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  <p>For a bullish reversal, $BTC needs to close above $29,500. If not, brace for more losses. pic.twitter.com/TFQ3Djtiqj</p> 
  <p>— Ali (@ali_charts) August 27, 2023</p>
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 <p>On the technical chart, Bitcoin continues to show signs of weakness. The upper trend line of the triangle pattern is still offering resistance to Bitcoin’s price, indicating that bearish traders are selling during upward movements. This has maintained BTC’s price within the $25,300 to $26,800 range. Currently, the <a rel="dofollow" title="BTC price" href="https://thebittimes.com/tag/btc-price.html">BTC price</a> sits at $26,041, with a slight 0.02% increase in the last 24 hours.</p> 
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 <p>Consolidation around the triangle pattern’s lower boundary would suggest a lack of aggressive buying from bullish traders. Presently, the bulls are striving to push the <a rel="dofollow" title="BTC price" href="https://thebittimes.com/tag/btc-price.html">BTC price</a> above the EMA20 moving average to reinforce their long positions. However, the RSI level remains below the midline, giving bears an upper hand in preventing an immediate surge.</p> 
 <p>Should the price dip below $25,300, it could trigger stop-loss orders among multiple traders, potentially initiating a cascade of long position liquidations. This scenario might lead to a decline in BTC’s price towards the critical $24,700 support level.</p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/bitcoin-bears-have-a-stronger-grip-now-btc-price-fall-is-coming-tbt60591.html">https://thebittimes.com/bitcoin-bears-have-a-stronger-grip-now-btc-price-fall-is-coming-tbt60591.html</a></p>

Bitcoin Bears Have A Stronger Grip Now, BTC Price Fall Is Coming

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