The Bitcoin (BTC) price has demonstrated renewed bullish momentum, surging past the $70,000 threshold, coinciding with a decrease in whale activity surrounding the digital asset.
As of the latest update, BTC has experienced a 2.2% increase, reaching approximately $71,000 in trading value. Furthermore, the cryptocurrency’s market capitalization is nearing the $1.4 trillion milestone, currently standing at $1.398 trillion.
Additionally, Bitcoin’s daily trading volume has seen a 5% uptick, hovering around $37.5 billion at the time of reporting.
This upward trend follows a brief dip below the $68,000 mark, prompted by the U.S. inflation rate exceeding expectations at 3.5% year-over-year.
Santiment data reveals a consistent decline in whale transactions, defined as settlements involving at least $100,000 worth of BTC, over the past four days. The number of such transactions has dropped from 14,261 on April 8 to 10,182 in the past 24 hours.
Moreover, the number of daily active addresses has mirrored the decline in BTC whale activity, decreasing from 898,850 to 866,140 active wallets over the same period.
On a different note, the BTC Relative Strength Index (RSI) has risen from 48 to 54 within the past day, signaling a slightly overheated market condition according to Santiment. An RSI above 60 may indicate overbought conditions and potentially heightened price volatility.