2024

bullish

Bitcoin

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Bitcoin has finally breached the $61,000 mark again after a week of bearish consolidations.&nbsp; 
Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) is up by 4% in the past 24 hours and is trading at $61,050 at the time of writing, with its market cap surpassing the $1.2 trillion mark for the first time in the past week. 
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 <img loading="lazy" decoding="async" width="3840" height="1300" src="https://crypto.news/app/uploads/2024/08/Bitcoin-BTC-11.20.47-20-Aug-2024.png" alt="Bitcoin reaches $61k, old coins enter chain - 19"> 
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 BTC price, whale activity, RSI and dormant circulation – Aug. 20 | Source: <a href="https://app.santiment.net/charts/75um3-pj__sCl" target="_blank" rel="">Santiment</a>
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Moreover, Bitcoin’s daily trading volume increased by 49%, reaching $29 billion. Following the price surge, old BTC holders have started making movements. According to data provided by Santiment, Bitcoin’s five-year dormant rose from 117 BTC to 728 BTC over the past day. 
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Additionally, the asset’s one-year dormant circulation increased from 1,806 BTC to 6,759 BTC in the same timeframe, showing that long-term Bitcoin holders might be looking for potential profits at this price point. 
Data from the market intelligence platform shows that the number of <a href="https://crypto.news/hacked-bitcoin-whale-may-have-lost-238m-zachxbt/" target="_blank" rel="noreferrer noopener">whale</a> transactions consisting of at least $100,000 worth of BTC rose from 5,041 to 7,565 unique transactions over the past 24 hours. Short-term profit-taking is usually expected in similar conditions due to the increased whale activity, <a href="https://crypto.news/glossary/volume-in-crypto-trading/" target="_blank" rel="noreferrer noopener">trading volume</a> and old BTC movements. 
On the other hand, the Bitcoin Relative Strength Index remains below the 50 mark, indicating that the flagship cryptocurrency is not overbought despite the price surge.&nbsp; 
Bitcoin’s <a href="https://crypto.news/global-macroeconomic-outlook-on-bitcoin/" target="_blank" rel="noreferrer noopener">bullish</a> momentum has triggered a market-wide surge. Per <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="">data</a> from CoinGecko, the global cryptocurrency market capitalization increased by 2.8% over the past 24 hours and is currently sitting at $2.24 trillion. 
 Read more: <a href="https://crypto.news/us-election-bets-make-up-88-of-polymarkets-volume/"> US election bets make up 88% of Polymarket’s volume </a>

Bitcoin reaches $61k, old coins enter chain

crypto.news

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