Bitcoin

Key Points:<ul><li>Social Volume Decline: Unraveling the consistent weekend trend and its implications.</li><li>RSI Variances: Comparing Santiment and TradingView metrics for a comprehensive analysis.</li><li>Bullish Bias Continues: Despite challenges, Bitcoin remains in the bullish territory, poised for potential gains.</li></ul>In a recent social media <a href="https://x.com/santimentfeed/status/1737575450690662466?s&#61;20" rel="noopener noreferrer nofollow">update on X (formerly Twitter)</a>, Santiment shed light on compelling reasons for the surge in <a href="https://cryptosnewss.com/bitcoin-bulls-eye-48k-as-price-surge-continues/" rel="noopener noreferrer nofollow">Bitcoin’s</a> [BTC] prices, signaling a potential upward trend. While analysis aligned with this observation, a deeper examination reveals intriguing nuances in the market dynamics.The breakthrough past the $43,000 resistance on December 20th showcased robust bullish strength. Report underscored the significance of heightened miner revenue, driven by escalating transaction fees.<h2 id="header-0">Diving into the Metrics</h2>Santiment’s data, pointing out a noteworthy decline in social volume over the weekend—a consistent trend observed over several months. The count of addresses holding 100&#43; BTC increased from 15,941 on December 19th to 15,956 on December 20th.The age-consumed metric exhibited a spike on December 18th, hinting at a potential surge in selling pressure. However, subsequent days did not witness any significant surges in this metric.As Santiment highlighted, the Relative Strength Index (RSI) dropped to 42.09 on December 19th before rebounding to 50.38 on December 20th.<h2 id="header-1">Comparing Metrics: Santiment vs. TradingView</h2>Notably, Santiment’s RSI data slightly deviates from TradingView’s figures for the spot BTC market on Binance. While Santiment recorded 42.09 on December 19th, TradingView showed 57, introducing minor discrepancies attributable to calculation variations and time zone differences.Despite these variations, both sources concurred that Bitcoin maintained a bullish bias. An RSI above 50 indicated buyer control, and the one-day chart’s technical structure favored the bulls._______________________________________________________________________________________Stay connected with us on <a href="https://news.google.com/publications/CAAqBwgKMLrrowwwzOOyBA" rel="noopener noreferrer nofollow">Google News</a>, <a href="https://t.me/cryptosnewsss" rel="noopener noreferrer nofollow">Telegram</a>, <a href="https://twitter.com/NewssCryptos" rel="noopener noreferrer nofollow">Twitter</a>, and <a href="https://www.facebook.com/profile.php?id&#61;100089949049302" rel="noopener noreferrer nofollow">Facebook</a> to stay updated on the latest developments and engaging discussions in the realm of CryptosNewss.Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.Originally published at <a href="https://cryptosnewss.com/bitcoins-path-to-44-2k-metrics-challenges-and-market-sentiment/" rel="noopener noreferrer nofollow">https://cryptosnewss.com</a><a href="https://cryptosnewss.com/shiba-inu-sets-crypto-ablaze-shibarium-burn-consumes-8-24-billion-shib-tokens/" rel="noopener noreferrer nofollow"> </a>on December 22, 2023.

Bitcoin’s Path to $44.2k: Metrics, Challenges, and Market Sentiment

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