- The on-chain analysis platform Santiment has evaluated the events that led to this increase in Bitcoin’s price. It also considered the actions that caused the previous drop in its recent post.
- According to Santiment’s data, Bitcoin’s trading volume increased from $5.28 billion on September 10th to $15.86 billion. This increase in the metric suggested an uptick in exchange activities involving BTC.
- Previously, COINOTAG had reported a five-month high in active addresses on the Bitcoin network. Since then, approximately 1.1 million active users have been associated with BTC.
Bitcoin’s price has managed to reclaim the $26,000 level. So, what’s next for Bitcoin? Which way is market sentiment leaning?
Bitcoin Price Back Above $26,000
On September 12th, Bitcoin briefly touched $26,500, causing a bit of optimism to return to the market. However, the uptick was short-lived as the price dropped to $25,800. It then made a slight recovery and moved back above $26,000.
The on-chain analysis platform Santiment has evaluated the events that led to this increase in Bitcoin’s price. It also considered the actions that caused the previous drop in its recent post.
According to Santiment, the return to $26,500 was supported by increased activity in addresses interacting with Bitcoin.
Previously, COINOTAG had reported a five-month high in active addresses on the Bitcoin network. Since then, approximately 1.1 million active users have been associated with BTC.
Active addresses have historically acted as an indicator of speculation surrounding a coin, aiding in predicting price movements. This time seemed no different.
Additionally, the drop below $26,000 could be linked to market participants looking to quickly secure profits. According to Santiment’s data, Bitcoin’s trading volume increased from $5.28 billion on September 10th to $15.86 billion.
This increase in the metric suggested an uptick in exchange activities involving BTC and was a reliable sign of a sustained bullish trend. Therefore, the likelihood of reclaiming $26,500 is high if addresses continue to actively engage in Bitcoin transactions.
Optimism Could Lead to Sideways Movement
Interestingly, there has been a shift in sentiment in Bitcoin. Previously, Bitcoin’s weighted social sentiment had dropped to as low as -0.498. However, it has now jumped to 1.419. Weighted sentiment measures the unique social volume while tracking written opinions in the market. A positive weighted sentiment implies increasing positive sentiments about an asset.
Conversely, when the metric is negative, it suggests that the broader market is not optimistic about price movement. However, the situation was the opposite for BTC.
