bullish

United

Bitcoin

Bitcoin has been moving sideways recently, but a key indicator shows a potential price surge might be ahead. 
The Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) price has been consolidating close to the $59,000 mark over the past day with a brief surge to $60,680 earlier. BTC is up by 0.6% in the past 24 hours and is trading at $58,900 at the time of writing. 
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 <img loading="lazy" decoding="async" width="3840" height="1300" src="https://crypto.news/app/uploads/2024/08/Bitcoin-BTC-14.07.53-13-Aug-2024.png" alt="Bitcoin could see short-term price surge amid increased whale activity - 18"> 
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 BTC price, whale activity, funding rate, exchange activity and dormant circulation – Aug. 13 | Source: <a href="https://app.santiment.net/charts/cA4et7Iy__sCl" target="_blank" rel="">Santiment</a>
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Moreover, the flagship cryptocurrency witnessed a 24% increase in its daily trading volume, currently hovering around $34.8 billion.&nbsp; 
According to data provided by Santiment, the total funding rate aggregated by Bitcoin plunged to negative 0.0016% — showing that traders are betting on the asset’s price fall. However, the BTC price has historically recorded short-term gains as the funding rate dropped to the red zone. 
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Data from the market intelligence platform shows that Bitcoin also saw increased whale activity. Per Santiment, the number of whale transactions consisting of at least $100,000 worth of BTC rose from 5,148 to 8,234 unique transactions over the past 24 hours. 
At this point, whales are showing their readiness for short-term profit-taking. 
According to data from Santiment, the <a href="https://crypto.news/global-volatility-slows-bitcoin-but-ethereum-could-surge-report/" target="_blank" rel="noreferrer noopener">Bitcoin</a> exchange inflows increased by 119% in the last day — rising from 20,255 to 44,323 BTC tokens. The asset’s <a href="https://crypto.news/crypto-cexs-vs-hexs-vs-dexs/" target="_blank" rel="noreferrer noopener">exchange</a> outflow also surged from 24,911 to 40,378 Bitcoins in the same timeframe. 
Notably, the 365-day BTC dormant circulation also increased from 1,402 to 4,444 BTC tokens over the past day, per Santiment. The movement shows that long-term Bitcoin holders might try to take profits at this price point. 
Spot Bitcoin exchange-traded funds in the United States <a href="https://crypto.news/spot-bitcoin-etfs-see-27-87m-inflows-outpacing-ethereum-etfs-by-wide-margin/" target="_blank" rel="noreferrer noopener">recorded</a> $27.8 million in inflows on Aug. 12. This also adds to Bitcoin’s bullish momentum after a bearish start to August. 
 Read more: <a href="https://crypto.news/tethers-usdt-is-dominant-but-for-how-long/"> Tether’s USDT is dominant, but for how long? </a>

Bitcoin could see short-term price surge amid increased whale activity

crypto.news

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