Bitcoin
Bitcoin is wandering in the bearish zone, whales take a step back
Bitcoin (Bitcoin) price has remained below the crucial $67,000 after briefly reaching an intraday high of around $67,600.
BTC is down 0.7% in the last 24 hours and is trading at $66,500 at the time of writing. The asset’s market capitalization is at the $1.3 trillion mark. Bitcoin Diary volume of businesshowever, it increased by 40%, reaching 22.2 billion dollars.
BTC price, whale activity, RSI and MVRV ratio – May 20 | Source: Santimento
Furthermore, the drop in BTC price comes amid declining whale activity. According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of BTC has fallen by 51% over the past five days – decreasing from 11,757 transactions on May 15 to 5,756 unique transactions per day at the time of reporting. .
Likewise, BTC’s Relative Strength Index (RSI) has also been consistently declining along with the asset’s whale activity. According to the market intelligence platform, Bitcoin’s RSI has dropped from 70 to 57 in the last five days.
The indicator shows that Bitcoin has fallen from the overvalued zone and a potential price increase can be expected.
At this price point, declining whale activity and RSI would also mean lower price volatility for the largest cryptocurrency by market cap.
According to data from Santiment, BTC’s market value to realized value (MVRV) ratio is at 143%, or 2.86x, at the time of reporting. The main indicator shows that the average price of all Bitcoins purchased so far has increased by 143% in this price range.
Furthermore, the BTC MVRV index is down 146% in the last three days. Historically, Bitcoin holders usually wait for a price increase before trying to sell their assets when the MVRV index falls.