Bitcoin (BTC) has rebounded above the $70,000 threshold after a tumultuous 11-day period characterized by high price swings.
As of the time of writing, BTC has surged by 5.4% in the last 24 hours and is currently trading at $70,500. The cryptocurrency’s market cap stands just above $1.38 trillion, accompanied by a daily trading volume of $42.7 billion.
Recent data from CoinGecko indicates that Bitcoin’s price surge has injected bullish momentum into the global crypto market capitalization, which has seen a 5.4% increase to approximately $2.83 trillion.
Data provided by Santiment reveals a notable spike in whale transactions involving at least $100,000 worth of BTC, with a 50.7% surge over the past day, from 8,233 to 12,404 unique transactions daily.
Furthermore, Bitcoin’s total open interest has seen an $800 million uptick, climbing from $11 billion to $11.8 billion within the same period.
Typically, heightened price volatility is expected when an asset experiences sudden increases in whale activity and open interest.
Conversely, there has been a noticeable rise in trades speculating on a potential Bitcoin price surge, as indicated by the increase in the total BTC funding rate from 0.01% to 0.02%, aggregated from all exchanges.
This uptrend suggests that traders are feeling optimistic about a forthcoming BTC price rally as the fourth Bitcoin halving event approaches.
Renowned author Robert Kiyosaki, famous for “Rich Dad, Poor Dad,” has expressed confidence in Bitcoin surpassing the $100,000 milestone by September, announcing his intention to acquire 10 additional Bitcoins before April.
Despite the overheated market conditions, the Bitcoin Relative Strength Index (RSI) has shown consistent decline over the past three weeks. Santiment data reveals a drop in BTC RSI from 49 to 47 in the last 24 hours, signaling favorable conditions for a potential price surge.
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