Bitcoin

when

Read

The Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="">BTC</a>) price has been roaming below the crucial $67,000 after it briefly touched an intraday high of around $67,600.&nbsp; 
BTC declined by 0.7% in the past 24 hours and is trading at $66,500 at the time of writing. The asset’s market cap is standing on the cliff side of the $1.3 trillion mark. Bitcoin’s daily <a href="https://crypto.news/glossary/volume-in-crypto-trading/" rel="">trading volume</a>, however, has increased by 40%, reaching $22.2 billion. 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14273589"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/05/Bitcoin-BTC-10.58.58-20-May-2024-1024x347.png.webp"> 
 <img loading="lazy" decoding="async" width="1024" height="347" src="https://crypto.news/app/uploads/2024/05/Bitcoin-BTC-10.58.58-20-May-2024-1024x347.png" alt="Bitcoin is wandering in the bear zone, whales take a step back - 26"> 
 </picture> 
 <figcaption class="wp-element-caption">
 BTC price, whale activity, RSI and MVRV ratio – May 20 | Source: Santiment
 </figcaption>
</figure> 
Moreover, the BTC price plunge comes amid declining whale activity. According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of BTC dropped by 51% over the past five days — decreasing from 11,757 transactions on May 15 to 5,756 unique transactions per day at the reporting time. 
 You might also like: <a href="https://crypto.news/scaramucci-btc-institutional-investing-happening-now/" rel=""> Scaramucci: Bitcoin institutional investing ‘happening now’ </a> 
Quite similarly, the BTC Relative Strength Index (RSI) has also been consistently declining along with the asset’s whale activity. Per the market intelligence platform, the Bitcoin RSI plunged from 70 to 57 over the past five days. 
The indicator shows that Bitcoin has fallen from the overvalued zone and a potential price hike could be expected. 
At this price point, the declining whale activity and RSI would also mean lower price volatility for the largest cryptocurrency by market cap.&nbsp; 
According to data from Santiment, the BTC Market Value to Realized Value (MVRV) ratio is sitting at 143%, or 2.86x, at the reporting time. The key indicator shows that the average price of all Bitcoins acquired until now has increased by 143% at this price point.&nbsp; 
In addition, the BTC MVRV ratio declined from 146% over the past three days. Historically, <a href="https://crypto.news/bitcoins-path-to-150000-how-likely-is-it/" rel="">Bitcoin</a> holders usually wait for a price surge before attempting to sell their assets when the MVRV ratio falls. 
 Read more: <a href="https://crypto.news/top-cryptocurrencies-to-watch-this-week-sol-bonk-ftm/" rel=""> Top cryptocurrencies to watch this week: SOL, BONK, FTM </a>

Bitcoin is wandering in the bear zone, whales take a step back

crypto.news

Other articles published on May 20, 2024

Bitcoin Price Explodes Past $67,000 As Investor Confidence Returns

Bitget’s PoolX Welcomes Thetanuts Finance (NUTS) for Staking Potential

XRP Faces Downtrend After Resistance

10x Research Suggests Covered Strangle Strategy for Bitcoin Investors

Will Bitcoin Hit ATH this week? Analyst Predicts $72k Price Target

Are Airdrops Just a Gimmick or Key to Web3 Marketing: State of Airdrops in Q2

Join our free newsletter for daily crypto updates!