Shared the data on Twitter, cryptanalyst Santiment pointed out that Bitcoin’s active address has risen after nearly a month of stagnation, suggesting that BTC price may soon rise.
“As BTC continues to trade in the $ 46,000 to $ 48,000 range, we’re seeing an upward trend in active addresses. December 28th marks a 4-week high, and these peaks in the DAA / price ratio often correlate with historical upward movements, with DAA being the daily active address. “
Santiment offers a more in-depth analysis of BTC’s relative strengths and weaknesses in post Latest on my blog.
As BTC struggles to win back and hold $ 50,000, the company says of retail investor sentiment:
“It’s pretty good compared to reality. It seems that a lot of people were disappointed and didn’t believe that Bitcoin would break above $ 50,000. ”
Source: Santiment
Santiment adds that while the funding rate is mostly neutral, many are selling their BTCs fearing it might not go up in 2022.
“People are selling coins right now because they think they can get lower. It’s a bearish sign. Many people believe that the price of Bitcoin will not go up in 2022. They’re selling now because they don’t feel safe holding Bitcoin. ”
Source: Santiment
Santiment is also concerned about a downward trend in whale activity.
“Whales are increasing their drainage activities. It’s hard to be optimistic when whales act like this. ”
Source: Santiment
Santiment concluded by stating that BTC’s daily circulation has declined over the past month and a half.
“We have seen a lower peak in daily traffic every week since November. The amount of BTC that is used over the network is significantly decreasing. ”
Source: Santiment
The last time Bitcoin crossed the $ 50,000 mark was on December 11th.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
BTFD Coin is offering a chance to relive the glory days of meme coin investing,…
Explore key takeaways from BlockDAG’s AMA, showcasing strides in scalability, growth of the ecosystem, and…
Discover why Qubetics, Polkadot, and Cosmos are the best cryptos with 1000X potential, offering innovation,…
Explore the best coins to buy in December 2024—Qubetics with its thrilling presale, Polkadot’s interoperability,…
The Crypto Market Outlook 2025 highlights key areas: stablecoin growth, tokenization, crypto ETFs, DeFi innovation,…
The Bitcoin quantum computing threat is years away, but reserves already support post-quantum signatures via…
This website uses cookies.