Cryptanalyst firm Santiment says a recent surge in the number of daily active Bitcoin (BTC)-Addresses suggesting that the price of BTC could soon swing upwards.
The Market Insights Agency tells its 120,700 Twitter followers that bitcoin activity has picked up after nearly a month of sluggish data.
“As Bitcoin continues its range from $ 46,000 to $ 48,000, we see a trend towards increased address activity.
December 28th marked the highest address activity for 4 weeks and these high peak values at DAA [daily active addresses]/ Price ratio correlates historically with price increases. “
Source: Santiment / Twitter
Santiment offers a more in-depth analysis of Bitcoin’s relative strengths and weaknesses in its latest Insights blog post.
As BTC struggles to recapture and hold back the $ 50,000 levels, the company says of the mood in retail:
“It’s as good as it can look.
Seems like a lot of people are pretty disaffected and incredulous about breaking over 50,000. “
The crypto-insights firm says that while funding rates are mostly neutral, many people are selling their BTC fearing it won’t rise in 2022.
“People are selling now because they believe it can tip lower.
It’s a sign of bearism.
There are enough people out there who believe that BTC won’t go any higher for the whole of next year.
They’re selling now because they don’t feel safe holding BTC. “
Santiment is also concerned about the downward trend in whale activity.
“Pretty large amounts of money are dumped from these addresses.
It’s hard to be optimistic when whales behave like this. “
The data company closes its Bitcoin-Analysis with the finding that the daily circulation of BTC has decreased in the last month and a half.
“We have seen a lower high in terms of daily circulation every week since November. The amount of Bitcoin used over the network is clearly declining. “
At the time of writing, Bitcoin is up 1% on the day to $ 47,025.
The flagshipCryptocurrency last broke the USD 50,000 mark on December 11th.
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Source: Crypto News Deutsch