Analyzing Bitcoin’s Journey to $44.2k: Metrics, Obstacles, and Market Outlook

In a recent update on X (formerly Twitter), Santiment illuminated compelling reasons behind Bitcoin’s surge to $44.2k, suggesting a potential upward trend. Beyond surface analysis, a deeper examination revealed nuanced market dynamics.

The breakthrough past the $43,000 resistance on December 20th showcased robust bullish strength, with heightened miner revenue fueled by escalating transaction fees.

Examining Metrics:
Santiment’s data noted a significant decline in social volume over the weekend, a consistent trend over several months. The count of addresses holding 100+ BTC increased from 15,941 on December 19th to 15,956 on December 20th.

The age-consumed metric spiked on December 18th, hinting at potential selling pressure, but subsequent days saw no significant surges. Santiment highlighted the Relative Strength Index (RSI) dropping to 42.09 on December 19th before rebounding to 50.38 on December 20th.

Comparing Metrics: Santiment vs. TradingView

Santiment’s RSI data slightly deviated 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 due to calculation variations and time zone differences.

Despite these variations, both sources agreed that Bitcoin maintained a bullish bias. An RSI above 50 indicated buyer control, and the one-day chart’s technical structure favoured the bulls.

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