The expert noted that the recent drops in the price of Bitcoin have raised questions about whether we are in the midst of a healthy correction or a cycle top. However, BTC reserves on exchanges continue to decline, indicating modest selling pressure. Additionally, on-chain data continues to show hints of accumulation by long-term investors despite the pullback.
In the case of the NVT, when the metric remains low, it may indicate that the price of BTC is low in comparison to real network activity. Aleman revealed that the metric has remained below the level 50 since July 7, which is a historic sign of strong network activity and growth.
