😳😳😳 #bitcoin falls below $66k, exchange activity rises
Bitcoin (BTC) has experienced a strong bearish momentum following three days of consolidation, leading to its price dropping below the $66,000 mark. As of now, Bitcoin is down 0.9% over the past 24 hours, trading at $65,600. This decline has also caused Bitcoin's market cap to fall below the $1.3 trillion mark for the second time this month. Despite the price drop, Bitcoin's daily trading volume has surged by 125%, reaching $36.3 billion.
Data from Santiment shows a significant increase in $BTC exchange inflow, which rose by 137% over the past day, from 19,172 BTC to 45,356 BTC.
Interestingly, the amount of Bitcoin leaving exchanges has also seen a notable increase. According to Santiment, BTC exchange outflow surged by 119% in the past 24 hours, rising from 19,871 BTC to 43,493 BTC.
The overall Bitcoin supply on exchanges increased from 937,240 BTC to 939,230 BTC over the past day, resulting in a net inflow of 1,863 BTC. This increase in inflows is happening as the broader cryptocurrency market is facing bearish momentum.
Additionally, the global #CryptoMarket capitalization has declined by 2.6% in the past 24 hours, currently hovering at $2.485 trillion, according to CoinGecko data. The price aggregator reports that 96% of the leading 300 #cryptocurrencies , including meme coins, are in the red zone.
According to Santiment, Bitcoin's relative strength index (RSI) is currently at 46, indicating that the leading cryptocurrency is slightly undervalued.
Source - crypto.news
