🌎 Bitcoin Price Decline Continues Amid Market Correction and Whale Drop

The Bitcoin price has experienced a consistent downward trend over the past few days as the broader cryptocurrency market undergoes a correction.

Bitcoin briefly reached a local high of nearly $70,000 on July 29. Since then, the flagship cryptocurrency has been on a decline, dipping below the $60,000 mark earlier today. At the time of writing, Bitcoin is trading at $60,532.45, down by 1.55% in the past 24 hours. The asset’s market cap currently stands at $1.19 trillion, with a daily trading volume that has plummeted by 36%, now hovering at $27.4 billion.

According to data from Santiment, the Bitcoin RSI (Relative Strength Index) has dropped from 66 on July 29 to 38 at present. This indicator suggests that BTC is oversold at this price point, indicating potential for a price increase.

Market intelligence data also reveals that the Bitcoin MVRV (Market Value to Realized Value) ratio is at negative 0.94%, signaling that short-term holders are currently incurring losses. Historically, the BTC price has seen mild rebounds when the MVRV ratio dips slightly below zero.

Additionally, the total Bitcoin supply in profit has decreased from 18.96 million on July 29 to 16.19 million coins. Presently, there are 19.73 million BTC tokens in circulation.

Bitcoin whale activity has been declining since the beginning of the month. Data indicates that the number of whale transactions (each consisting of at least $100,000 worth of BTC) has decreased from 10,353 on August 1 to 8,349 unique transactions over the past 24 hours.

The drop in Bitcoin whale activity and trading volume could suggest lower price volatility and potentially a price rebound, given the low levels of RSI and MVRV ratio.