Bitcoin (BTC) has experienced significant bearish momentum following three days of consolidation, resulting in its price dropping below the $66,000 threshold.
As of now, Bitcoin is down 0.9% over the past 24 hours, trading at $65,600. This decline has caused its market capitalization to fall below $1.3 trillion for the second time this month. Despite the price decrease, Bitcoin’s daily trading volume surged by 125% to reach $36.3 billion.
According to Santiment data, the BTC exchange inflow has surged by 137% in the past day, increasing from 19,172 BTC to 45,356 BTC.
According to Santiment, Bitcoin’s exchange outflow surged by 119% in the past 24 hours, rising from 19,871 BTC to 43,493 BTC. Concurrently, the Bitcoin supply on exchanges increased from 937,240 BTC to 939,230 BTC, indicating a net inflow of 1,863 BTC. These heightened inflows coincide with ongoing bearish sentiment across the broader cryptocurrency market.
The global crypto market capitalization has declined by 2.6% in the past day, currently standing at $2.485 trillion, as reported by CoinGecko. Additionally, data from the price aggregator shows that 96% of the top 300 cryptocurrencies, including meme coins, are trading in the red.
Santiment data also reveals that Bitcoin’s relative strength index (RSI) is currently at 46, indicating that the leading cryptocurrency is slightly undervalued at this time.
