Bitcoin
Bitcoin enters oversold zone after falling below $63K
Bitcoin (Bitcoin) the price has been consistently decreasing over the past two weeks, consequently placing the leading cryptocurrency in the undervalued zone.
BTC is down 3.2% in the last 24 hours and is trading at $62,300 at the time of writing. Notably, this is the first time in six weeks that the Bitcoin the price fell below the $63,000 mark. The asset’s market capitalization fell to $1.22 trillion, last seen on May 15.
BTC price, RSI and net exchange flows – June 24 | Source: Santíment
On the other hand, BTC’s daily trading volume increased by 91% in the last day, surpassing the $17 billion mark.
It is important to note that spot BTC exchange-traded funds (ETFs) in the U.S. recorded six consecutive days of outflows, bringing increased FUD (fear, uncertainty and doubt) to the cryptocurrency market.
According to data provided by Santiment, BTC’s relative strength index (RSI) is currently at the 35 mark after witnessing three weeks of steady declines. The indicator shows that Bitcoin is oversold at the moment, suggesting a potential price rally.
Despite the decline in RSI, the huge increase in Bitcoin’s daily trading volume could suggest high price volatility.
Data from the market intelligence platform shows that BTC exchange inflows fell from 18,726 coins to 14,547 coins in the last 24 hours. Additionally, BTC exchange outflow fell from 20,344 tokens to 14,648 tokens over the same period.
The moves show that investors may be looking to accumulate Bitcoin in this price range, seeing the $62,000 mark as a local bottom for the leaders. cryptocurrency.