Bitcoin (BTC) price has experienced a recent decline, dropping below $60,000 due to increased whale activity. The current price of BTC is approximately $56,990, marking a level not seen since late February. Despite the drop in price, Bitcoin’s market cap fell below $1.13 trillion while the daily trading volume surged by 70%, exceeding $45 billion.

Whale transactions involving at least $100,000 worth of BTC have increased by 60% since April 28, reaching 12,735 unique daily transactions. Additionally, the amount of Bitcoin supply held in exchanges rose from 811,810 BTC to 821,740 BTC within the past 24 hours.

These movements suggest that some Bitcoin holders may be considering selling their assets amidst the fear, uncertainty, and doubt prevalent in the crypto market. Furthermore, a recent report from BitMEX revealed that an unknown entity controls 47% of the global Bitcoin mining hashrate, posing centralization risks to the network.

The BTC Relative Strength Index (RSI) has dropped from 52 to 40, indicating that Bitcoin may be undervalued at its current price. The increased whale activity could lead to higher price volatility for the asset in the near future.

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