🌎 Bitcoin Price Surges to $61K, Market Cap Hits $1.2 Trillion

Bitcoin has breached the $61,000 mark again after a week of bearish consolidations. Bitcoin is up by 4% in the past 24 hours, trading at $61,050 at the time of writing, with its market cap surpassing $1.2 trillion for the first time this past week.

Moreover, Bitcoin’s daily trading volume increased by 49%, reaching $29 billion. Following the price surge, old BTC holders have started making movements. Bitcoin’s five-year dormant BTC rose from 117 BTC to 728 BTC over the past day.

Additionally, the asset’s one-year dormant circulation increased from 1,806 BTC to 6,759 BTC in the same timeframe, indicating that long-term Bitcoin holders might be looking for potential profits at this price point.

Data shows that the number of whale transactions consisting of at least $100,000 worth of BTC rose from 5,041 to 7,565 unique transactions over the past 24 hours. Short-term profit-taking is usually expected in similar conditions due to the increased whale activity, trading volume, and old BTC movements.

On the other hand, the Bitcoin Relative Strength Index remains below the 50 mark, indicating that the flagship cryptocurrency is not overbought despite the price surge.

Bitcoin’s bullish momentum has triggered a market-wide surge. The global cryptocurrency market capitalization increased by 2.8% over the past 24 hours and is currently sitting at $2.24 trillion.