🌎 Bitcoin Rebounds to $55,000 Despite Exchange Activity Decline

Bitcoin has returned to the psychological $55,000 zone amid declining on-chain activity on exchanges.

Bitcoin is up 0.9% in the past 24 hours and is trading at $55,000 at the time of writing. The leading cryptocurrency briefly fell to an intraday low of $53,650 on Sept. 8 as bearish sentiment dominated the crypto market.

Moreover, BTC’s daily trading volume increased by 33%, reaching $22 billion.

According to data, Bitcoin witnessed a daily exchange inflow of 68,470 BTC on Sept. 7, before dropping below the $54,000 mark. Data shows a 68% decline in the asset’s inflows over the past two days, currently sitting at 21,742 BTC.

Similarly, the number of Bitcoins leaving the exchanges has also plunged 65% in the same timeframe — falling from 65,847 to 22,802 BTC.

At this point, Bitcoin is seeing an exchange net outflow of 1,060 BTC, worth over $583 million at the reporting time.

Despite the surge above the $55,000 mark, the Bitcoin Relative Strength Index (RSI) is still hovering at 35. The indicator shows that the flagship cryptocurrency is still oversold, which could be due to the market-wide selloff.

Spot BTC exchange-traded funds in the U.S. saw a net outflow of $706 million last week. The large amount of outflows brought stronger bearish momentum to Bitcoin amid increased FUD.