The price of Bitcoin (BTC) picked up steam once more, breaking through the $70,000 threshold, all while large-scale investors showed less interest in the crypto asset.
At present, Bitcoin has increased by 2.2% and is being traded near $71,000. The total value of this leading digital asset is approaching $1.4 trillion, with a current market capitalization of $1.398 trillion.
Additionally, Bitcoin’s daily trading volume has risen by 5%, reaching approximately $37.5 billion during the report generation process.
After falling beneath the $68,000 threshold due to the U.S. inflation rate surpassing the forecasted 3.4%, and hitting 3.5% on a yearly basis instead, Bitcoin has experienced an upturn.
Based on Santiment’s data, there have been around 14,000 Bitcoin transactions worth over $100,000 each over the last four days. However, this number has decreased significantly in the last day, dropping to approximately 10,200 unique transactions.
According to Santiment’s data, both the number of daily active Bitcoin addresses and significant Bitcoin holders (whales) have decreased. Specifically, there were 898,850 active wallets yesterday, but this figure has now dropped to 866,140 within the last 24 hours.
Instead of this: “On the other hand, the BTC Relative Strength Index (RSI) increased from 48 to 54 over the past day, according to Santiment data.”
A Reading from the Relative Strength Index (RSI) greater than 60 for Bitcoin suggests the cryptocurrency is overbought, potentially resulting in increased price instability.
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2024-04-11 11:13