Bitcoin’s price took a dip below $66,000 after experiencing a strong bearish trend following three days of consolidation. As of the latest data, Bitcoin is down by 0.9% in the past 24 hours and is currently trading at $65,600. The cryptocurrency’s market cap has also fallen below the $1.3 trillion mark for the second time this month. Despite the price drop, Bitcoin’s daily trading volume surged by 125%, reaching $36.3 billion.
In addition to the price movement, data from Santiment reveals some interesting insights into Bitcoin’s exchange activity. The BTC exchange inflow skyrocketed by 137% over the past day, jumping from 19,172 BTC to 45,356 BTC. Conversely, the amount of Bitcoin leaving exchanges also saw a significant increase, with the BTC exchange outflow surging by 119% in the same period, rising from 19,871 BTC to 43,493 BTC. This indicates a higher level of trading activity and movement of Bitcoin across various platforms.
Santiment’s data further shows that the Bitcoin supply on exchanges rose from 937,240 BTC to 939,230 BTC in the past day, resulting in an exchange net inflow of 1,863 BTC. These inflows come amidst a broader bearish trend in the cryptocurrency market. The global crypto market capitalization declined by 2.6% in the last 24 hours, currently standing at $2.485 trillion according to CoinGecko. The majority of the top 300 cryptocurrencies, including meme coins, are currently in the red zone, with a 96% decline in their prices.
Looking at the technical indicators, the Bitcoin relative strength index (RSI) is reported to be at 46 at the moment. This suggests that the leading cryptocurrency is slightly undervalued based on the current market conditions. Despite the recent price drop and increased exchange activity, Bitcoin continues to attract attention from traders and investors as it navigates through the volatile market environment.
