The value of Bitcoin (BTC) has been steadily decreasing over the past fortnight, resulting in the flagship cryptocurrency being undervalued. As of the time of writing, BTC has dropped by 3.2% in the last 24 hours and is currently trading at $62,300. This is the first time in six weeks that the Bitcoin price has fallen below the $63,000 mark. Its market cap has also declined to $1.22 trillion, a level last seen on May 15.
Conversely, the daily trading volume of BTC has surged by 91% in the past day, surpassing $17 billion. It is worth noting that spot BTC exchange-traded funds (ETFs) in the United States have experienced six consecutive days of outflows, leading to increased fear, uncertainty, and doubt (FUD) in the cryptocurrency market.
According to data from Santiment, the relative strength index (RSI) of BTC currently stands at 35 after three weeks of continuous decline. This indicates that Bitcoin is oversold at the moment, suggesting the possibility of a price rally. However, despite the declining RSI, the significant increase in BTC’s daily trading volume may signal high price volatility.
Data from the market intelligence platform reveals that the inflow of BTC into exchanges has dropped from 18,726 coins to 14,547 coins in the past 24 hours. Additionally, the outflow of BTC from exchanges has decreased from 20,344 tokens to 14,648 tokens within the same timeframe. These movements indicate that investors may be seeking to accumulate Bitcoin at its current price, viewing the $62,000 mark as a local bottom for the leading cryptocurrency.
In other news, sales of non-fungible tokens (NFTs) have decreased by 12%, with Ethereum dominating the market while Polygon experiences a surge in popularity.