Declining whale activity prompts Bitcoin price surge
Bitcoin (BTC) has once again gained bullish momentum, surpassing the $70,000 mark, while whale activity around the asset has declined. At the time of writing, BTC is up by 2.2% and is trading at around $71,000. The market cap of this flagship asset is also approaching the $1.4 trillion mark, currently sitting at $1.398 trillion.
In addition, Bitcoin’s daily trading volume has increased by 5% and is currently hovering around $37.5 billion. This positive momentum comes after Bitcoin experienced a drop below the $68,000 mark when the U.S. inflation rate rose above the expected 3.4%, reaching 3.5% year-on-year.
Data provided by Santiment reveals that the number of whale transactions, consisting of at least $100,000 worth of BTC, has been consistently declining over the past four days. It has fallen from 14,261 settlements on April 8 to 10,182 unique transactions in the past 24 hours.
Furthermore, the number of daily active addresses has also decreased in line with the decline in BTC whale activity. It has dropped from 898,850 addresses to 866,140 active wallets in the past 24 hours.
On the other hand, according to Santiment data, the BTC Relative Strength Index (RSI) has increased from 48 to 54 in the past day. This indicates that Bitcoin is slightly overheated but still in good condition. An RSI of above 60 would suggest that Bitcoin is overbought and could result in high price volatility.
In other news, the Securities and Exchange Commission (SEC) has served a Wells notice to Uniswap, and US senators are set to unveil bipartisan stablecoin legislation. Stay updated by following us on Google News.
