Bitcoin price surges amid declining whale activity

Bitcoin’s price has experienced a surge, crossing the $70,000 mark, as whale activity surrounding the cryptocurrency has declined. At present, BTC is up 2.2% and trading at around $71,000. Its market cap is nearing $1.4 trillion, currently sitting at $1.398 trillion. Additionally, Bitcoin’s daily trading volume has increased by 5%, reaching approximately $37.5 billion. This positive momentum follows a slight drop below the $68,000 mark after the U.S. inflation rate exceeded expectations. Over the past four days, the number of whale transactions involving at least $100,000 worth of BTC has consistently decreased, from 14,261 settlements on April 8 to 10,182 unique transactions within the past 24 hours. Moreover, the number of daily active addresses has also declined, dropping from 898,850 addresses to 866,140 active wallets over the same period. However, Bitcoin’s Relative Strength Index (RSI) has increased from 48 to 54, indicating that it is slightly overheated but still in good condition. An RSI above 60 would suggest Bitcoin is overbought and could lead to increased price volatility.