Bitcoin (BTC) has staged a remarkable recovery, reclaiming the $70,000 milestone after enduring an 11-day period of heightened price volatility.
At the time of reporting, BTC is showing a 5.4% surge over the past 24 hours, with its value peaking at $70,500. The flagship cryptocurrency boasts a market capitalization slightly exceeding $1.38 trillion, while its daily trading volume stands at $42.7 billion.
Market data from CoinGecko reveals that Bitcoin’s upward trajectory has injected bullish momentum into the global cryptocurrency market, with a collective market capitalization increase of 5.4%, now hovering around $2.83 trillion.
In a noteworthy surge of activity, whale transactions involving at least $100,000 worth of BTC have surged by 50.7% in the past 24 hours, rising from 8,233 to 12,404 unique transactions per day, as per data provided by Santiment.
Additionally, Bitcoin’s total open interest (OI) has registered a substantial $800 million increase, jumping from $11 billion to $11.8 billion over the same period, according to Santiment data. Such pronounced spikes in whale activity and open interest typically correlate with heightened price volatility.
Concurrently, there has been a surge in trades speculating on further price appreciation for Bitcoin. The total BTC funding rate aggregated from all exchanges has doubled from 0.01% to 0.02%, indicating a prevailing bullish sentiment among traders, especially as the fourth Bitcoin halving approaches.
Renowned author of “Rich Dad, Poor Dad,” Robert Kiyosaki, has expressed optimism regarding Bitcoin’s future trajectory, suggesting a potential surpassing of the $100,000 mark by September of this year. Kiyosaki has also announced plans to acquire an additional 10 Bitcoins before April, underscoring his confidence in the cryptocurrency’s potential.
Despite the prevailing market fervor, it’s worth noting a consistent decline in the Bitcoin Relative Strength Index (RSI) over the past three weeks, notwithstanding the overheated market conditions. Santiment data indicates a drop in BTC RSI from 49 to 47 in the last 24 hours, suggesting favorable conditions for a potential price surge in the near term.
