The daily Bitcoin (BTC) whale activity has decreased as the cryptocurrency market faces extremely greedy sentiment. Data from Santiment reveals that whale transactions involving at least $100,000 worth of BTC dropped by 17.5% in the last 24 hours, from 24,313 to 20,048 unique transactions per day.

BTC Price and Market Data

During the same period, Bitcoin’s price experienced a slight 0.6% decline, currently trading at $66,750 with a market cap of $1.31 trillion. The 24-hour trading volume for BTC also decreased by 42%, now at around $59 billion.

Market Sentiment and Greed Index

Despite the price drop, market sentiment remains extremely greedy, with the fear and greed index standing at 88. This is evident as Bitcoin reached a new all-time high of $69,170 on March 5 when the greed index was at 90.

Bitcoin Open Interest and Funding Rate

Bitcoin’s total open interest rose from $10.76 billion to $10.83 billion in the past 24 hours. However, the funding rate declined from 0.08% to 0.04%, indicating an increase in short positions and trades betting on a price decline.

Liquidations and RSI

Coinglass data shows that Bitcoin faced over $80 million in liquidations in the last 24 hours, with $50.88 million in longs and $28.93 million in shorts. Additionally, Bitcoin’s Relative Strength Index (RSI) increased from 73 to 76, signaling high volatility and potential price fluctuations.

To maintain a bullish trend, Bitcoin’s RSI would need to drop below 60. An RSI below 50 would suggest decreased price volatility for BTC.

For more news and updates on cryptocurrencies, visit Global Crypto News.

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