Bitcoin (BTC) has experienced a significant downward trend following three days of consolidation, causing its price to drop below the $66,000 threshold.
As of the current writing, Bitcoin is down by 0.9% in the last 24 hours, trading at $65,600. The cryptocurrency’s market capitalization has also fallen below $1.3 trillion for the second time this month. Despite this, Bitcoin’s daily trading volume has surged by 125%, reaching $36.3 billion.
Data from Santiment reveals that BTC exchange inflow has spiked by 137% in the past day, jumping from 19,172 BTC to 45,356 BTC. Additionally, the amount of Bitcoin leaving exchanges has also seen a significant increase, with the BTC exchange outflow rising by 119% to 43,493 BTC.
The supply of Bitcoin on exchanges has increased from 937,240 BTC to 939,230 BTC, indicating a net inflow of 1,863 BTC in the last 24 hours. This uptick in inflows coincides with the broader cryptocurrency market facing bearish sentiment.
Furthermore, the global crypto market capitalization has dropped by 2.6% in the past day, currently standing at $2.485 trillion, according to data from CoinGecko. Santiment data shows that 96% of the top 300 cryptocurrencies, including meme coins, are in the red zone.
The BTC relative strength index (RSI) is currently at 46, suggesting that the leading cryptocurrency is slightly undervalued. Beercoin (BEER) price analysis indicates a decline in BEER token value.