The Bitcoin (BTC) price has surged above $70,000, showing bullish momentum as whale activity decreases around the asset. As of now, BTC is up by 2.2%, trading at approximately $71,000 with a market cap nearing $1.4 trillion at $1.398 trillion.

BTC price, whale activity, RSI and active addresses – April 11 | Source: Santiment

The daily trading volume of Bitcoin has also seen a 5% increase, reaching around $37.5 billion. This upward trend follows a drop below $68,000 when the U.S. inflation rate exceeded expectations at 3.5% Y/Y, higher than the anticipated 3.4%.

Santiment data reveals that the number of whale transactions involving at least $100,000 worth of BTC has been steadily decreasing over the past four days, dropping from 14,261 transactions on April 8 to 10,182 unique transactions in the last 24 hours.

Similarly, the daily active addresses for Bitcoin have declined from 898,850 to 866,140 over the same period, in line with the decrease in whale activity.

On the other hand, the BTC Relative Strength Index (RSI) has increased from 48 to 54 in the past day, indicating that Bitcoin is slightly overheated but remains in a favorable condition. An RSI above 60 could signify that Bitcoin is overbought and may lead to increased price volatility.

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