Santiment’s recent reports suggest that Bitcoin (BTC) has strong reasons for climbing to higher levels. The breach of the $43,000 resistance on December 20th was a positive sign of bullish strength. The report highlighted that miner revenue was high, with increasing transaction fees contributing to this trend.
Over the weekend, Santiment noted a decrease in social volume, a consistent pattern over the past months, hence not a surprise. The number of addresses containing over 100 BTC rose from 15,941 on December 19th to 15,956 on December 20th. The age consumed metric saw an increase on December 18th, potentially indicating an upcoming rise in selling pressure, although no significant volatility was observed since then. Santiment pointed out that the Relative Strength Index (RSI) dropped to 42.09 on December 19th before jumping to 50.38 the following day, though it’s worth noting that Santiment’s data might differ slightly from TradingView’s calculations.
On TradingView, Binance‘s spot BTC market showed an RSI of 57 on December 19th, contrasting with Santiment’s 42.09. The discrepancy could be due to minor rounding differences or variations in the time frames used for daily closures.
Moreover, Santiment’s data collection methods may vary; the discussed graph is based solely on Binance’s data. While the RSI on TradingView’s graph did not reach the 45 level since October 12th, both graphs agreed that Bitcoin continued to show an upward trend. The RSI being above the neutral 50 level indicated that buyers still maintained control, and the technical structure on the daily chart remained in favor of the bulls.
BTC had already surpassed the $43,000 resistance but was struggling to break through the local resistance at $44.25K. Open interest has been on the rise since December 19th, signaling a shift back to bullish sentiment. Overcoming the $44.2K local resistance could lead to additional capital inflows into the futures markets and support further gains.