๐ Bitcoin Update: Strong Bearish Momentum
Bitcoin (BTC) has experienced a significant drop after three days of consolidation, falling below the $66,000 mark. Currently, BTC is trading at $65,600, down 0.9% in the past 24 hours. ๐
Here are the key highlights:
- **Market Cap:** Bitcoinโs market cap has fallen below $1.3 trillion for the second time this month.
- **Trading Volume:** Daily trading volume surged by 125%, reaching $36.3 billion. ๐
- **Exchange Inflows:** According to Santiment, BTC exchange inflows increased by 137%, rising from 19,172 BTC to 45,356 BTC.
- **Exchange Outflows:** BTC exchange outflows also jumped by 119%, from 19,871 BTC to 43,493 BTC.
- **Exchange Supply:** The supply of Bitcoin on exchanges went up from 937,240 BTC to 939,230 BTC, indicating a net inflow of 1,863 BTC. ๐
This surge in exchange activity occurs amidst broader bearish trends in the crypto market:
- **Global Market Cap:** The global crypto market cap declined by 2.6% in the past 24 hours, now standing at $2.485 trillion.
- **Market Performance:** 96% of the top 300 cryptocurrencies are in the red. ๐ป
According to Santiment, Bitcoinโs Relative Strength Index (RSI) is at 46, suggesting that BTC is slightly undervalued at the moment. ๐
๐ก What do you think about this recent market movement? Share your thoughts in the comments! ๐ฌ
