Bitcoin experienced strong bearish momentum following three days of consolidation, pushing its price below the $66,000 mark. Over the past 24 hours, Bitcoin has decreased by 0.9%, trading at $65,600 at the time of writing. The asset’s market capitalization has also fallen below $1.3 trillion for the second time this month. Despite this decline, Bitcoin’s daily trading volume surged by 125% to reach $36.3 billion.
According to data from Santiment, Bitcoin’s exchange inflow rose by 137% over the last day, increasing from 19,172 BTC to 45,356 BTC. Market intelligence platform data also indicated a significant rise in Bitcoin withdrawals from exchanges. Santiment reported that Bitcoin’s exchange outflow jumped by 119% over the past 24 hours, growing from 19,871 BTC to 43,493 BTC.
Additionally, Santiment noted that the Bitcoin supply on exchanges increased from 937,240 BTC to 939,230 BTC in the past day, indicating a net exchange inflow of 1,863 BTC. This increased activity comes amid a broader bearish trend in the cryptocurrency market.
Furthermore, the global cryptocurrency market capitalization has dropped by 2.6% in the past 24 hours and is currently hovering around $2.485 trillion, according to market data. The market remains in the red zone.
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Santiment’s data also shows that Bitcoin’s Relative Strength Index (RSI) is at 46 at the time of reporting, suggesting that the leading cryptocurrency is slightly undervalued.
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