The on-chain analysis tool Santiment claims that traders are ecstatic about Bitcoin’s (BTC) surge to $48,000. With a 13% surge in price over the last 7 days, traders are speculating about the BTC’s support and resistance levels.
Based on the post, traders expected Bitcoin (BTC) to reach $50,000 shortly. “Bitcoin” and “50k” have a strong social presence, which is indicative of this projection. Social dominance measures how much a word or asset is discussed on different social media platforms.
Currently, Bitcoin holds the highest percentage of discussion among the top 100 cryptos, with a social dominance of over 5%. In addition, the “50k” phrase’s social dominance surged to 0.32%.
The daily movement of BTC indicated that it could potentially reach $49,000 again. As the price increased above the red area, Bitcoin flashed a buy signal using the Supetrend indicator.
Normally, a sell signal would have been shown if the supertrend’s red section was above the price of Bitcoin. Additionally, the indicator’s green region was below the price of Bitcoin, indicating that the momentum supported a bullish thesis.
