Bitcoin price surges amid declining whale activity

The Bitcoin (BTC) price gained bullish momentum again, surpassing the $70,000 mark, while whale activity around the asset declined.

BTC is up by 2.2% and is trading at around $71,000 at the time of writing. The flagship asset’s market cap is getting close to the $1.4 trillion mark — currently sitting at $1.398 trillion.

BTC price, whale activity, RSI and active addresses – April 11 | Source: Santiment

Moreover, Bitcoin’s daily trading volume increased by 5% and is hovering around $37.5 billion at the reporting time.

You might also like: US senators to unveil bipartisan stablecoin legislation

The upward momentum comes after Bitcoin dropped below the $68,000 mark after the U.S. inflation rate rose above the expected 3.4% — reaching 3.5% Y/Y.

According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of BTC has been consistently declining over the past four days — falling from 14,261 settlements on April 8 to 10,182 unique transactions over the past 24 hours.

Data from Santiment shows that the number of daily active addresses has also declined along with the BTC whale activity — falling from 898,850 addresses to 866,140 active wallets over the past 24 hours.

On the other hand, the BTC Relative Strength Index (RSI) increased from 48 to 54 over the past day, according to Santiment data. The indicator shows that Bitcoin is slightly overheated but is still in good condition.

An RSI of above 60 would indicate that Bitcoin is overbought and could lead to high price volatility.

Source