Bitcoin

Read

<ul>
 <li><em>There is a difference in the RSI data from Santiment and TradingView.</em></li>
 <li><em>Their implications remain bullish despite the minor differences.</em></li>
</ul>
<p>In a <a href="https://x.com/santimentfeed/status/1737575450690662466?s=20" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">recent post</a> on X (formerly Twitter), Santiment noted that <a href="https://ambcrypto.com/search/bitcoin" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin’s [BTC]</a> prices had a strong reason to bounce higher. Although AMBCrypto’s analysis agreed with this finding, there were some interesting nuances in there.</p>
<p>The ascent past the $43k resistance on the 20th of December was an encouraging sign of bullish strength. A recent AMBCrypto report highlighted that <a href="https://ambcrypto.com/bitcoin-miners-have-themselves-an-early-christmas-thanks-to-ordinals/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">miner revenue</a> was high, and rising transaction fees contributed to this.</p>
<h4>A closer look at the metrics</h4>
<p>AMBCrypto took a look at Santiment and noted that the social volume decreased over the weekend. This has been a consistent trend stretching back months, so it wasn’t a surprise.</p>
<p>The address count with 100+ BTC rose from 15941 on the 19th of December to 15956 on the 20th of December.</p>
<div id="attachment_359825" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/MD-2-BTC-sant-updated.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359825" decoding="async" class="size-full wp-image-359825" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/MD-2-BTC-sant-updated.png" alt="Bitcoin: Has it reached a must-bounce level?" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/MD-2-BTC-sant-updated.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/MD-2-BTC-sant-updated-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/MD-2-BTC-sant-updated-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/MD-2-BTC-sant-updated-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/MD-2-BTC-sant-updated-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/MD-2-BTC-sant-updated-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <p id="caption-attachment-359825" class="wp-caption-text">Source: <a href="https://app.santiment.net/s/O4i8mJSa" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Santiment</a></p>
</div>
<p>The age-consumed metric saw a spike on the 18th of December and reflected a possible increase in selling pressure. Since then, it has not seen major surges.</p>
<p>As the Santiment post highlighted, the RSI fell to 42.09 on the 19th of December before bouncing to 50.38 on the 20th of December.</p>
<p>Yet, it must be noted that Santiment’s data is calculated slightly differently from the go-to platform for technical analysis, TradingView.</p>
<p>On TradingView, the RSI on the one-day chart for the spot BTC market on Binance was at 57 on the 19th of December. On the 17th of December, it was at 53.8, which was nowhere close to the 42.09 value we saw on Santiment.</p>
<div id="attachment_359818" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/MD-2-BTC-price.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359818" decoding="async" class="size-full wp-image-359818" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/MD-2-BTC-price.png" alt="Bitcoin: Has it reached a must-bounce level?" width="1940" height="976" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/MD-2-BTC-price.png 1940w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/MD-2-BTC-price-300x151.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/MD-2-BTC-price-1024x515.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/MD-2-BTC-price-768x386.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/MD-2-BTC-price-1536x773.png 1536w" sizes="(max-width: 1940px) 100vw, 1940px"></a>
 <p id="caption-attachment-359818" class="wp-caption-text">Source: BTC/USDT on TradingView</p>
</div>
<p>Even though the RSI formula is the same, minor variations in rounding could lead to a discrepancy. Differences in time zones could see different daily closes used as well.</p>
<p>Moreover, Santiment might aggregate data differently, while the chart above relies solely on data from Binance.</p>
<p>On the TradingView chart, the RSI was at 45 on the 12th of October, but has not reached that level since. A drop below 50 would be an early sign that momentum has begun to shift in favor of the sellers.</p>
<h4>Does that mean Bitcoin might not be poised for a bounce?</h4>
<p>The thing that both charts agreed on was that Bitcoin continued to have a bullish bias. The RSI being above neutral 50 meant the buyers were still in control at press time, and the technical structure on the one-day chart remained in favor of the bulls.</p>
<div id="attachment_359813" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/MD-BTC-coinglass-OI.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359813" decoding="async" class="size-full wp-image-359813" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/MD-BTC-coinglass-OI.png" alt="Bitcoin: Has it reached a must-bounce level?" width="1858" height="605" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/MD-BTC-coinglass-OI.png 1858w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/MD-BTC-coinglass-OI-300x98.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/MD-BTC-coinglass-OI-1024x333.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/MD-BTC-coinglass-OI-768x250.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/MD-BTC-coinglass-OI-1536x500.png 1536w" sizes="(max-width: 1858px) 100vw, 1858px"></a>
 <p id="caption-attachment-359813" class="wp-caption-text">Source: <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Coinglass</a></p>
</div>
<p style="text-align: center;">Read <a href="https://ambcrypto.com/predictions/bitcoin-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin’s [BTC] Price Prediction</a> 2023-24</p>
<p>BTC was already above the $43k resistance but struggled to break above the local resistance at $44.25k. AMBCrypto noted that the Open Interest has trended higher since the 19th of December, a sign that sentiment was swaying bullishly again.</p>
<p>It is expected that a move past the $44.2k local resistance would see another influx of capital to the futures markets and support further gains.</p>

Bitcoin: What this metric says about BTC’s price trends

AMBCrypto

Other articles published on Dec 22, 2023

Vitalik Buterin's Mom's Token METIS Skyrockets 36% in Epic Ethereum Rally

Shiba Inu (SHIB) Rally Skyrockets: Burning Mechanism Sparks Surge

Unveiling Turkey’s Blockchain Potential: Avoiding Bans for Prosperity

AI-Powered Reggie the Lion: A Teaching Tool at King’s College London

Expiration of Bitcoin Options and Cryptocurrency Market Overview

Elon Musk’s X Platform Set to Integrate In-App Payments Mid-2024

Join our free newsletter for daily crypto updates!