Bitcoin (BTC) saw a boost in price following a recent dip to $61,500, attributed to increased tensions between Iran and Israel. As of now, BTC is trading at around $66,450, marking a 3.2% increase in the last 24 hours. The cryptocurrency’s market cap has exceeded $1.3 trillion, while daily trading volume has dropped by 27% to $43.5 billion.

On April 14, Bitcoin hit a one-month low of $61,514, with the decline linked to the escalating conflict between Iran and Israel. Santiment data reveals that the Bitcoin Relative Strength Index (RSI) has been on a downward trend since April 10, currently standing at 38. Despite the recent price increase, the RSI indicates that Bitcoin is still undervalued.

Whale transactions involving at least $100,000 worth of BTC have decreased by 34% over the past three days, from 13,004 transactions on April 12 to 8,562 transactions in the last 24 hours. This decline in whale activity, coupled with a drop in trading volume, typically results in decreased price volatility for the asset.

Conversely, BTC’s one-year dormant circulation has increased from 3,975.15 to 4,954.98 coins per day, suggesting that long-term Bitcoin holders may be considering selling their holdings for profit.

For more insights into the cryptocurrency market, stay tuned to Global Crypto News.

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