By Tom Blitzer
Key Insights:
- Bitcoin drops to $64,727.66 in 24 hours, reflecting a 2.16% decline amid bearish market sentiment.
- High trading volume at $29.34B suggests robust activity despite Bitcoin’s 2.16% price drop.
- RSI at 23.57 indicates Bitcoin is oversold, hinting at potential price rebound or consolidation phase.
Bitcoin (BTC) has experienced a notable decline over the past 24 hours, with its price dropping from approximately $66,000 to around $64,500. At press time, Bitcoin traded at $64,727.66, reflecting a 2.16% decrease in the last day and a 1.62% decline over the past week, according to CoinGecko data.
BTC/USD 1-day price chart (Source: CoinGecko)
Meanwhile, the 24-hour trading volume for Bitcoin is $29,342,929,014, indicating robust trading activity. Despite this high volume, the overall market sentiment remains bearish, as demonstrated by the price decline. Bitcoin’s market capitalization is currently $1,279,797,539,526, solidifying its position as the top-ranked crypto.
A sharp price drop was observed, accompanied by a significant spike in trading volume, suggesting a major sell-off. Following this, the trading volume decreased slightly, indicating reduced activity as the market began to stabilize.
Technical Indicators Signal Bearish Momentum
The Bollinger Bands show increased volatility, with Bitcoin frequently touching or moving below the lower band. This pattern signals a strong bearish trend.
As of this writing, the Relative Strength Index (RSI) was at 23.57, indicating that Bitcoin is in oversold territory, which often hints at a potential price rebound or consolidation phase.
BTC/USD 1-day price chart (Source: TradingView)
Moreover, the Moving Average Convergence Divergence (MACD) further supports the bearish outlook. The MACD line is below the signal line, and both are in negative territory. The histogram bars reinforce the downtrend signal, indicating strong bearish momentum in the market.
Onchain and Exchange Signals
According to IntoTheBlock data, the token summary chart reveals that 87% of Bitcoin holders are currently making a profit at the current price, while 3% are breaking even and 10% are at a loss. The concentration of large holders stands at 12%, suggesting a moderate level of whale activity.
In the past seven days, transactions exceeding $100,000 totaled $125.38 billion, highlighting substantial high-value trading activity. Transaction demographics show that 46% of transactions originate from the West and 54% from the East. Total exchange netflows over the past week amount to $3.12 billion, with a noticeable decrease towards the end of the period.
The net network growth for Bitcoin is 0.16%, categorized as neutral. The metric “In the Money” shows a 0.37% bearish signal, indicating a slight decrease in profitable addresses. The concentration of holdings is 0.59% neutral, while large transactions have a 0.05% neutral signal.
In the derivatives market, there is one neutral signal and no bearish or bullish signals. Futures market momentum is also neutral, suggesting no clear trend in the near term.
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