If we can believe the analysts at BeInCrypto,Bitcoin price is almost at the bottom. According to the platform’s analysts, there is an important indicator that tells us that the selling pressure is slowly being exhausted.

Bitcoin is oversold

BeInCrypto analysts predict a local bottom for Bitcoin price based on the NVT Golden Cross.

This indicator is currently at roughly the same level as it was in January 2024. At that time, the price of Bitcoin fell after the launch of the ETFs and people were disappointed in the first days of trading.

The NVT Golden Cross is currently at -1.39, and according to BeInCrypto, this is a sign that Bitcoin is “oversold.” They themselves attribute this to the fear surrounding billions of dollars worth of Bitcoin from Mt. Gox coming to the market and the German government’s sales.

Lots of buy orders for bitcoin

We find a lot of support in the order books around the current Bitcoin price. IntoTheBlock looked at buy orders on the world’s 20 largest exchanges and came to the conclusion that there are more buyers of Bitcoin than sellers at around $55,670.

Around this price, there are 22,075 BTC buy orders and 11,514 BTC sell orders. However, this does not necessarily mean much, because if a new panic suddenly occurs, a lot of sell orders can be added suddenly.

The same goes for the other way around, of course. So never rely 100% on these types of indicators, but use them to better substantiate your decisions. There is no certainty in the market, but you can use data and analytics to give some scenarios some extra weight.

Bitcoin now looks like it has enough support to find a bottom here, but we have said that before around the $62,000 to $58,000 area.