Bitcoin lingers in bear market, whales take a step back:

The Bitcoin ( BTC ) price has been hovering below the key $67,000 level after briefly hitting an intraday high around $67,600.

BTC has fallen 0.7% over the past 24 hours and is trading at $66,500 as of writing. The asset’s market cap is on the precipice of the $1.3 trillion mark. However, Bitcoin’s daily trading volume has increased by 40% to $22.2 billion.

In addition, the Bitcoin price crash is due to a decrease in whale activity. According to data provided by Santiment, the number of whale transactions worth at least $100,000 in BTC has fallen by 51% over the past five days, from 11,757 transactions on May 15 to 5,756 unique transactions per day at the time of reporting.

Similarly, Bitcoin’s relative strength index (RSI) has also continued to decline along with the asset’s whale activity. According to data from the market intelligence platform, the Bitcoin RSI has plunged from 70 to 57 over the past five days.

The indicator shows that Bitcoin has retreated from the overvalued area, predicting a possible price increase.

At this price point, the decline in whale activity and RSI also means low price volatility for the largest cryptocurrency by market capitalization.

According to data from Santiment, as of the time of reporting, the BTC market value to realized value (MVRV) ratio is 143%, or 2.86 times. The key indicator shows that the average price of all Bitcoins acquired so far has increased by 143% at this price point.

In addition, the BTC MVRV ratio has declined from 146% over the past three days. Historically, Bitcoin holders usually wait for a price surge and then try to sell the asset when the MVRV ratio declines.