BTC pumps, but on-chain woes remain | Santiment Weekly Report

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Ibis
Dec 22, 2021

Bitcoin is back above $49k for the moment, gaining +7.2% to start the week and rekindling hopes of a strong end-of-year finish.


And while its PA has been formidable, Bitcoin’s ongoing decline in network-level activity remains a ‘yellow flag’ for another sustainable price rally.


Can the top coin overcome these network woes and end 2021 on a high note?


In Santiment’s weekly Pro report, we dive deep into Bitcoin’s latest social and on-chain data, and what it suggests about the current state of the crypto market:


Holiday bears


As we mentioned in last week’s report, the retail sentiment towards Bitcoin recently broke a 30-day low, suggesting a wholesale drop in market confidence and an increasingly bearish bias:

Average sentiment of BTC-related mentions on ‘crypto Twitter’ in 2021 (Source: Sanbase)

The above is based on text data collected by Santiment from

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Assets from this insight

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BitcoinBTC

$ 36862.81

7.65%in last 7d
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