Bitcoins price drops below 66k as exchange trading increases
Bitcoin (BTC) has experienced a significant downward trend following three days of consolidation, causing its price to drop below the $66,000 threshold.
As of the time of writing, Bitcoin is down by 0.9% in the last 24 hours, trading at $65,600. The cryptocurrency’s market capitalization has also fallen below $1.3 trillion for the second time this month. Despite this, Bitcoin’s daily trading volume has increased by 125%, reaching $36.3 billion.
Data from Santiment reveals that the BTC exchange inflow has surged by 137% in the past day, jumping from 19,172 BTC to 45,356 BTC.
Simultaneously, the amount of Bitcoin leaving exchanges has also seen a significant rise. Santiment reports that the BTC exchange outflow has increased by 119% in the last 24 hours, climbing from 19,871 BTC to 43,493 BTC.
Santiment’s data further shows an increase in Bitcoin supply on exchanges, from 937,240 BTC to 939,230 BTC. This indicates a net inflow of 1,863 BTC in the past day, coinciding with a bearish trend in the broader cryptocurrency market.
Additionally, the global crypto market capitalization has dropped by 2.6% in the last 24 hours, currently standing at $2.485 trillion according to CoinGecko. Data from the price aggregator also highlights that 96% of the top 300 cryptocurrencies, including meme coins, are seeing losses.
The BTC relative strength index (RSI) is currently at 46, suggesting that the leading cryptocurrency is slightly undervalued at this time.
In other news, the price of Beercoin (BEER) has been declining, with analysts pointing to reasons behind the token’s recent downturn.
