Bitcoin (BTC) has rebounded above the $70,000 threshold following an 11-day decline marked by heightened price volatility. With a 5.4% increase in the last 24 hours, Bitcoin is currently trading at $70,500. Its market capitalization stands slightly above $1.38 trillion, while daily trading volume hits $42.7 billion.
CoinGecko data indicates that Bitcoin’s price surge has infused bullish momentum into the global cryptocurrency market, which now hovers around $2.83 trillion, up by 5.4%.
Santiment data reveals a significant surge in whale transactions, defined as transactions involving at least $100,000 worth of BTC, rising by 50.7% to 12,404 unique transactions per day. Additionally, Bitcoin’s total open interest (OI) has spiked by $800 million, from $11 billion to $11.8 billion in the past day.
Higher price volatility typically accompanies sudden increases in whale activity and open interest.
Conversely, there’s a notable uptick in trades betting on further Bitcoin price surges, as indicated by a surge in the total BTC funding rate from 0.01% to 0.02%, according to Santiment. This suggests trader optimism as the fourth Bitcoin halving approaches.
Renowned author Robert Kiyosaki predicts a potential Bitcoin price surpassing $100,000 by September, expressing his intention to acquire 10 more Bitcoins before April.
Despite overheated market conditions, the Bitcoin Relative Strength Index (RSI) has shown a consistent decline over the past three weeks. Santiment data indicates a drop in BTC RSI from 49 to 47 in the last 24 hours, suggesting favorable conditions for a potential price surge.