Bitcoin

April

Read

Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="">BTC</a>) gained bullish momentum a day after falling to a one-month low of $61,500 due to the heightened conflict between Iran and Israel. 
BTC is up by 3.2% in the past 24 hours and is trading at around $66,450 at the time of writing. The asset’s market cap surpassed the $1.3 trillion mark while the daily Bitcoin trading volume plunged by 27%, currently hovering at $43.5 billion. 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14265524"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/04/Bitcoin-BTC-12.35.01-15-Apr-2024-1024x347.png.webp"> 
 <img loading="lazy" decoding="async" width="1024" height="347" src="https://crypto.news/app/uploads/2024/04/Bitcoin-BTC-12.35.01-15-Apr-2024-1024x347.png" alt="Bitcoin is still undervalued despite surge to $66k - 18"> 
 </picture> 
 <figcaption class="wp-element-caption">
 BTC price, RSI, whale activity and dormant circulation – April 15 | Source: Santiment
 </figcaption>
</figure> 
On April 14, the flagship digital currency <a href="https://crypto.news/bitcoin-plunges-over-8-percent-heels-iran-drone-attack/" rel="">fell</a> to a one-month low of $61,514. One of the main reasons behind the bearish momentum was the start of Iran’s drone attack on Israel.&nbsp; 
 You might also like: <a href="https://crypto.news/bitcoin-etfs-55m-net-outflow-btc-drops-65k-on-friday/" rel=""> Bitcoin ETFs see $55m net outflow, as BTC drops to $65k </a> 
According to data provided by Santiment, the BTC Relative Strength Index (RSI) has been consistently declining since April 10 — currently hovering at 38. The indicator shows that Bitcoin is still undervalued despite the recent bullish momentum. 
Bitcoin’s RSI would need to stay below the 50 mark to remain bullish. 
Moreover, data from Santiment shows that whale transactions consisting of at least $100,000 worth of BTC recorded a 34% fall over the past three days — decreasing from 13,004 transactions on April 12 to 8,562 unique transactions over the past 24 hours. 
Decreasing trading volume and whale activity usually means lower <a href="https://crypto.news/market-cap/" rel="">price</a> volatility for an asset. 
On the other hand, BTC’s one-year dormant circulation rose from 3,975.15 to 4,954.98 coins per day, according to Santiment. This shows some long-term <a href="https://crypto.news/us-government-bitcoin-holdings/" rel="">Bitcoin</a> holders might be looking to sell their assets for profit. 
 Read more: <a href="https://crypto.news/top-cryptocurrencies-to-watch-this-week-btc-sol-pepe/" rel=""> Top cryptocurrencies to watch this week: BTC, SOL, PEPE </a>

Bitcoin is still undervalued despite surge to $66k

crypto.news

Autres articles publiés le 15 avr. 2024

Bitpanda partners Landesbank BW for German crypto custody

Chainlink’s Potential Price Trajectory: LINK’s Indicators Highlight “Massive Opportunity”

Ethena Introduces Monthly Custodian Attestations for USDe

Bitcoin Might Be on Cusp of Another Bearish Reversal, Shibarium Sees Epic Key Metric Surge, 324 M...

Cryptocurrency Bittensor Decreases More Than 11% Within 24 hours

Most Innovative Cryptos: Algotech (ALGT) Outshines SAGA and XRP With AI Features as Presale Nears...

Join our free newsletter for daily crypto updates!