Increase In Social Interest Around BTC Could Be A Good Sign

• The interest in (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 (NYSE:) 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.

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