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BlockBeats News, December 21, data analyst Murphy stated that on-chain data shows signs of sentiment recovery. The number of addresses that shifted from "holding BTC" to "completely liquidated" surged between November 13 and 25, during which BTC experienced its fastest and largest price drop. The large number of liquidated addresses also reflected the market's panic and pessimism. However, during the period from December 1 to 18, BTC repeatedly tested the bottom, and the number of liquidated addresses began to decrease, which fully coincided with the bullish behavior and sentiment changes observed in the futures market.

BlockBeats News, December 21st, Data analyst Murphy stated that on-chain data has seen signs of sentiment recovery. The number of addresses that switched from "HODLing BTC" to "completely exiting the market" within 30 days had surged between November 13th and 25th, during which the BTC price experienced its fastest and most significant decline. The increase in these sell-off addresses reflected the market's panic and pessimism. However, starting from December 1st to the 18th, as BTC repeatedly tested its bottom, the number of sell-off addresses started to decrease, aligning perfectly with the bullish behavior and sentiment shift seen in the futures market.

According to TechFlow, on December 21, as reported by Cointelegraph, the Bitcoin to gold (BTC/XAU) price has dropped to around the level of 20 ounces of gold, marking the lowest point since the beginning of 2024. At the same time, the weekly RSI indicator for this ratio has fallen to about 29.5 (oversold zone), approaching a three-year low. Data shows that this RSI oversold area has historically often appeared near bear market bottoms. Some analysts believe this could indicate that Bitcoin is undervalued and may have room for a rebound in the future. However, there are also opinions suggesting that if this key support is lost, it could signal a weakening trend.