Bitcoin (BTC) has once again surged into bullish territory, breaking past the $70,000 threshold, even as whale activity around the cryptocurrency has seen a notable decline.
As of the latest update, BTC has seen a 2.2% increase, with its price currently hovering around $71,000. The flagship cryptocurrency’s market capitalization is inching closer to the $1.4 trillion mark, currently standing at $1.398 trillion.
Furthermore, Bitcoin’s daily trading volume has witnessed a 5% uptick, reaching approximately $37.5 billion at the time of reporting.
This upward trajectory follows a brief dip below the $68,000 mark, coinciding with the announcement of a higher-than-expected U.S. inflation rate of 3.5% year-over-year, surpassing the anticipated 3.4%.
Data analysis from Santiment reveals a consistent decline in whale transactions involving at least $100,000 worth of BTC over the past four days. The number of such settlements has dropped from 14,261 on April 8 to 10,182 unique transactions in the last 24 hours.
Moreover, Santiment’s data indicates a corresponding decrease in the number of daily active addresses, falling from 898,850 addresses to 866,140 active wallets within the same 24-hour period.
On a contrasting note, the BTC Relative Strength Index (RSI) has shown a slight uptick from 48 to 54 over the past day, according to Santiment’s metrics. While this suggests a mild overheating, Bitcoin remains in a favorable condition overall.
An RSI surpassing the 60-mark typically signals an overbought market, potentially leading to heightened price volatility.
