CryptoBitcoinBitcoin Surges Past $70,000 Amid Declining Whale Activity

Bitcoin Surges Past $70,000 Amid Declining Whale Activity

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.

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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