Solana

Bitcoin

when

Read

The Bitcoin price has seen a constant downward momentum over the past few days as the broader cryptocurrency market faces correction. 
Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) briefly touched a local high of almost $70,000 on July 29. The flagship cryptocurrency has since been declining and even dropped below the $60,000 mark earlier today. 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14289309"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/Bitcoin-BTC-14.05.05-04-Aug-2024.png.webp"> 
 <img loading="lazy" decoding="async" width="3840" height="1300" src="https://crypto.news/app/uploads/2024/08/Bitcoin-BTC-14.05.05-04-Aug-2024.png" alt="Bitcoin is undervalued at $60k, price rebound expected - 25"> 
 </picture> 
 <figcaption class="wp-element-caption">
 BTC price, whale activity, MVRV ratio, RSI and supply in profit – Aug. 4 | Source: <a href="https://app.santiment.net/charts/2VKBZuHT__sCl" target="_blank" rel="">Santiment</a>
 </figcaption>
</figure> 
Bitcoin is down by 1.55% in the past 24 hours and is trading at $60,532.45 at the time of writing. The asset’s market cap is sitting at $1.19 trillion. Moreover, Bitcoin’s daily trading volume plunged by 36%, hovering at $27.4 billion. 
 You might also like: <a href="https://crypto.news/morpho-raises-50m-vc-duelnow-daylight-score-backing/"> Morpho leads crypto VC week with $50m round; DuelNow, Daylight follow suit </a> 
According to data provided by Santiment, the Bitcoin RSI dropped from 66 on July 29 to 38 at the reporting time. The indicator shows that BTC is oversold at this price point and is in good condition for a potential price hike. 
Data from the market intelligence platform shows that the <a href="https://crypto.news/bitcoin-trumps-unconventional-plan-to-erase-35t-debt/">Bitcoin</a> MVRV ratio is at negative 0.94%, showing that short-term holders are currently at a loss at this point. 
Historically, the BTC price witnessed mild rebounds when the MVRV ratio slightly dropped below the zero mark.&nbsp; 
Per Santiment data, the total Bitcoin supply in profit declined from 18.96 million on July 29 to 16.19 million coins at the time of writing. Notably, there are currently 19.73 million BTC tokens in circulation. 
The Bitcoin <a href="https://crypto.news/bitcoins-whale-activity-declines-price-stays-near-67k/">whale activity</a> has also been declining since the start of the month. According to data from Santiment, the number of whale transactions consisting of at least $100,000 worth of BTC dropped from 10,353 on Aug. 1 to 8,349 unique transactions in the past 24 hours. 
The decline in the Bitcoin whale activity and trading volume could hint at lower price volatility and even a price rebound due to the low levels of RSI and MVRV ratio.&nbsp; 
 Read more: <a href="https://crypto.news/solana-takes-sharp-7-dive-bitcoin-ethereum-bnb-drop/"> Solana takes sharp 7% dive: Bitcoin, Ethereum, BNB also drop </a>

Bitcoin is undervalued at $60k, price rebound expected

crypto.news

Other articles published on Aug 4, 2024

AVAX’s 40% decline since July: A setup for a bullish reversal?

Can Bitcoin’s Whales Prevent a Drop Below $60K for BTC?

Unprecedented Bitcoin Mining Difficulty: Its Effect on BTC Value Explained

HARRIS, KAMA meme coins soar as Kamala Harris pivots on crypto

Prepare for Wealth: 4 Altcoins Set to Surge by Year-End

Crypto market’s weekly winners and losers – AAVE, XAUT, WIF, PYTH

Join our free newsletter for daily crypto updates!