Bitcoin is in the extreme fear zone, since that fateful day, indicating that the currency is still undervalued.
As fear grappled the king coin, another bearish factor that weighed in was the Net Network Growth signal.
This momentum signal essentially indicated the coin’s underlying network health by measuring the number of new addresses minus the addresses that have their balances emptied.
According to IntoTheBlock’s latest data, after a very long time, the Bitcoin network “didn’t grow”, rather, it lost over 450 thousand addresses.
Additionally, ‘In The Money’ momentum signal, which calculates the net change of in/out of the money addresses also exhibited a bearish phase with a signal value of -1.09%.

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