Bitcoin price soars as whale activity decreases, reaching over $70,000
Bitcoin’s price has experienced another surge, surpassing the $70,000 mark, while whale activity around the cryptocurrency has been on the decline. As of now, BTC is up by 2.2% and trading at approximately $71,000. The market cap of the flagship asset is nearing $1.4 trillion, currently at $1.398 trillion.
Additionally, Bitcoin’s daily trading volume has increased by 5%, hovering around $37.5 billion. This positive momentum follows a brief drop below $68,000 after the US inflation rate exceeded the expected 3.4%.
Data from Santiment reveals that whale transactions involving at least $100,000 worth of BTC have consistently decreased over the past four days. Furthermore, the number of daily active addresses has declined alongside whale activity. On the other hand, the BTC Relative Strength Index (RSI) has increased from 48 to 54, indicating that Bitcoin is slightly overheated but still in a favorable condition.
It is worth noting that an RSI above 60 could suggest an overbought market, potentially leading to increased price volatility. These developments demonstrate an interesting shift in whale behavior and market dynamics within the Bitcoin ecosystem.