Sunday, November 27, 2022
 

Increase In Social Interest Around BTC Could Be A Good Sign

  • The interest in Bitcoin (BTC) on social platforms saw a huge spike.
  • BTC is currently trading at $19,226.90 after a 0.74% increase in price.
  • The RSI Indicator on the daily chart for BTC/USDT has just crossed bullishly above the RSI SMA line.

The blockchain analysis firm, Santiment, took to Twitter on September 26 to announce that the interest in Bitcoin (BTC) on social platforms saw a huge spike over the weekend. According to the firm’s data, the crypto market leader is the hot topic in over 26% of discussions for the first time since mid-July.

In addition to this, Santiment added that according to the firm’s backtests, an increase in social media activity was a positive sign for the crypto king in the past.

Daily chart for BTC/USDT (Source: CoinMarketCap)

According to the crypto market tracking website, CoinMarketCap, BTC, at the time of writing, is trading at $19,226.90 after a 0.74% increase in price over the last 24 hours and after reaching a high of $19,266.76 over the same time period. BTC is also up more than 4% over the last seven days.

In terms of market cap, the crypto market leader currently stands at $368,171,834,888. BTC’s  24 hour trading volume.

The Relative Strength Index (RSI) Indicator on the daily chart for BTC/USDT has just crossed bullishly above the RSI SMA line, which could be an early sign of a bullish trend reversal for the crypto market leader.

Despite the RSI flagging BTC to be bullish, the relative positions of the 9 and 20 Exponential Moving Averages (EMA) to each other still shows bearish strength since the shorter 9 EMA is positioned below the longer 20 EMA.

BTC’s price is now looking to break above the 9 EMA line which has been a resistance level for the last week.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

  • The interest in Bitcoin (BTC) on social platforms saw a huge spike.
  • BTC is currently trading at $19,226.90 after a 0.74% increase in price.
  • The RSI Indicator on the daily chart for BTC/USDT has just crossed bullishly above the RSI SMA line.

The blockchain analysis firm, Santiment, took to Twitter on September 26 to announce that the interest in Bitcoin (BTC) on social platforms saw a huge spike over the weekend. According to the firm’s data, the crypto market leader is the hot topic in over 26% of discussions for the first time since mid-July.

In addition to this, Santiment added that according to the firm’s backtests, an increase in social media activity was a positive sign for the crypto king in the past.

Daily chart for BTC/USDT (Source: CoinMarketCap)

According to the crypto market tracking website, CoinMarketCap, BTC, at the time of writing, is trading at $19,226.90 after a 0.74% increase in price over the last 24 hours and after reaching a high of $19,266.76 over the same time period. BTC is also up more than 4% over the last seven days.

In terms of market cap, the crypto market leader currently stands at $368,171,834,888. BTC’s  24 hour trading volume.

The Relative Strength Index (RSI) Indicator on the daily chart for BTC/USDT has just crossed bullishly above the RSI SMA line, which could be an early sign of a bullish trend reversal for the crypto market leader.

Despite the RSI flagging BTC to be bullish, the relative positions of the 9 and 20 Exponential Moving Averages (EMA) to each other still shows bearish strength since the shorter 9 EMA is positioned below the longer 20 EMA.

BTC’s price is now looking to break above the 9 EMA line which has been a resistance level for the last week.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

 

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