Following a brief dip to $61,500, Bitcoin (BTC) rebounded with bullish momentum, rising by 3.2% in the last 24 hours to reach approximately $66,450. The surge comes amidst heightened tensions between Iran and Israel. Despite this, BTC’s market cap exceeded $1.3 trillion, although its daily trading volume experienced a 27% decrease, currently standing at $43.5 billion.
On April 14, Bitcoin hit a one-month low of $61,514, partly due to Iran’s drone attack on Israel. The BTC Relative Strength Index (RSI), provided by Santiment, has been steadily declining since April 10, currently resting at 38, suggesting Bitcoin remains undervalued despite recent gains.
For Bitcoin to sustain its bullish trend, the RSI should remain below the 50 mark. Additionally, whale transactions, involving at least $100,000 worth of BTC, dropped by 34% over the past three days, from 13,004 transactions on April 12 to 8,562 transactions in the last 24 hours. Decreased trading volume and whale activity typically correlate with reduced price volatility.
Conversely, data from Santiment indicates a rise in BTC’s one-year dormant circulation, from 3,975.15 to 4,954.98 coins per day. This suggests that some long-term Bitcoin holders may be considering selling their holdings for profit.