Bitcoin (BTC) has witnessed a powerful bearish momentum after three days of consolidation, resulting in its price fall under the $66,000 mark.
Bitcoin is down by 0.9% up to now 24 hours and is buying and selling at $65,600 on the time of writing. The asset’s market cap additionally dropped under the $1.3 trillion mark for the second time this month. Bitcoin’s day by day buying and selling quantity, nevertheless, elevated by 125%, reaching $36.3 billion.
In line with knowledge offered by Santiment, the BTC change influx surged by 137% over the previous day — rising from 19,172 BTC to 45,356 BTC.
Information from the market intelligence platform reveals that the quantity of Bitcoin leaving exchanges has additionally considerably elevated. Per Santiment, the BTC change outflow surged by 119% up to now 24 hours — rising from 19,871 BTC to 43,493 BTC.
Per Santiment, the Bitcoin provide on exchanges additionally elevated from 937,240 BTC to 939,230 BTC over the previous day. This reveals an change internet influx of 1,863 BTC over the previous day. The heightened inflows come because the broader cryptocurrency market weathers bearish momentum.
Furthermore, the worldwide crypto market capitalization declined by 2.6% up to now 24 hours and is at present hovering at $2.485 trillion, based on knowledge from CoinGecko. Per knowledge offered by the price aggregator, 96% of the main 300 cryptocurrencies, together with meme cash, are wandering within the crimson zone.
In line with Santiment knowledge, the BTC relative energy index (RSI) is sitting at 46 on the reporting time. The indicator reveals that the main cryptocurrency is barely undervalued.