Bitcoin and One Large-Cap Ethereum Rival Are Flashing Bullish Signals, According to Analytics Platform Santiment
Analytics platform Santiment indicates that Bitcoin (BTC) is showing bullish signals, potentially set for a breakout due to its correlation with the S&P 500 and gold. A bullish divergence is noted, with Bitcoin trading at $110,839, slightly up for the day. Additionally, negative sentiment on social media regarding Cardano (ADA) is seen as a bullish indicator, with ADA trading at $0.825, up 2.1% in the last 24 hours.
Analytics platform firm Santiment says that Bitcoin (BTC) is primed to break out based on historic correlations with two other asset classes.
Santiment says that Bitcoin is forming a bullish divergence against the S&P 500 and gold, signaling the flagship crypto asset may be on the verge of an explosive move to the upside.
A bullish divergence occurs when the price of an asset is forming lower lows while an oscillator is forming higher highs.
Bitcoin is trading for $110,839 at time of writing, up marginally on the day.
Next up, Santiment says that the increasing negative sentiment on social media for smart contract platform Cardano is a bullish signal for ADA.
ADA is trading for $0.825 at time of writing, up 2.1% in the last 24 hours.
