Bitcoin (BTC) experienced a surge in price following a dip to a one-month low of $61,500 amid escalating tensions between Iran and Israel.
In the past 24 hours, BTC has risen by 3.2%, currently trading at around $66,450. The cryptocurrency’s market cap has exceeded $1.3 trillion, while daily trading volume has dropped by 27% to $43.5 billion.
On April 14, BTC hit a low of $61,514 due to Iran’s drone attack on Israel. Despite the bearish trend, the Relative Strength Index (RSI) for BTC has been declining steadily since April 10, currently at 38. This suggests that Bitcoin remains undervalued despite recent price gains.
For Bitcoin to maintain its bullish momentum, the RSI must stay below the 50 mark. Whale transactions of $100,000 or more in BTC have decreased by 34% over the past three days, from 13,004 transactions on April 12 to 8,562 unique transactions in the last 24 hours. Lower trading volume and whale activity typically result in reduced price volatility.
Conversely, BTC’s one-year dormant circulation has increased from 3,975.15 to 4,954.98 coins per day, indicating that long-term holders may be considering selling their assets for profit.
Overall, Bitcoin’s recent price movements and market indicators suggest a mix of bullish and bearish signals for the cryptocurrency.