🌎 Bitcoin Price Falls Below $66K Amid Increased Trading Volume

Bitcoin (BTC) has experienced a significant bearish trend after three days of consolidation, causing its price to fall below the $66,000 mark. Bitcoin is down by 0.9% in the past 24 hours and is trading at $65,600 at the time of writing. The asset’s market cap also dropped below the $1.3 trillion mark for the second time this month. However, Bitcoin’s daily trading volume increased by 125%, reaching $36.3 billion.

BTC Exchange Activity

According to data from Santiment, the BTC exchange inflow surged by 137% over the past day, rising from 19,172 BTC to 45,356 BTC. Additionally, the amount of Bitcoin leaving exchanges has significantly increased. The BTC exchange outflow surged by 119% in the past 24 hours, rising from 19,871 BTC to 43,493 BTC.

The Bitcoin supply on exchanges also increased from 937,240 BTC to 939,230 BTC over the past day, indicating an exchange net inflow of 1,863 BTC. These heightened inflows come as the broader cryptocurrency market faces bearish momentum.

Global Crypto Market Trends

The global crypto market capitalization declined by 2.6% in the past 24 hours and is currently hovering at $2.485 trillion. According to market data, 96% of the leading 300 cryptocurrencies, including meme coins, are in the red zone.

BTC Relative Strength Index (RSI)

According to Santiment data, the BTC relative strength index (RSI) is sitting at 46 at the reporting time. This indicator shows that the leading cryptocurrency is slightly undervalued.