The Bitcoin (BTC) price has been hovering below the crucial $67,000 mark after briefly touching an intraday high of around $67,600. BTC declined by 0.7% in the past 24 hours and is trading at $66,500 at the time of writing. The asset’s market cap is standing close to the $1.3 trillion mark. Notably, Bitcoin’s daily trading volume has increased by 40%, reaching $22.2 billion.

Whale Activity and Market Indicators

The BTC price drop comes amid declining whale activity. According to data, the number of whale transactions, consisting of at least $100,000 worth of BTC, has dropped by 51% over the past five days — decreasing from 11,757 transactions on May 15 to 5,756 transactions per day currently.

Similarly, the BTC Relative Strength Index (RSI) has been consistently declining along with whale activity. The Bitcoin RSI fell from 70 to 57 over the past five days. This indicator shows that Bitcoin has moved out of the overvalued zone, suggesting a potential price hike could be expected.

At this price point, the declining whale activity and RSI indicate lower price volatility for the largest cryptocurrency by market cap.

Market Value to Realized Value (MVRV) Ratio

The BTC Market Value to Realized Value (MVRV) ratio is currently at 143%, or 2.86x. This key indicator shows that the average price of all Bitcoins acquired until now has increased by 143% at this price point. Additionally, the BTC MVRV ratio has declined from 146% over the past three days. Historically, Bitcoin holders usually wait for a price surge before attempting to sell their assets when the MVRV ratio falls.

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