Cryptocurrency Bitcoin is stuck in negative territory as it tries to regain ground above the important $67,000 level, which it briefly touched with an intraday high of about $67,600.
Bitcoin (BTC) has lost a small amount of value over the last 24 hours, falling by 0.7%. At the time of this report, its selling price was around $66,500. Even with this loss, the cryptocurrency still has a huge market capitalization—just below $1.3 trillion. Notably, the amount of Bitcoin traded every day has increased by a huge 40%, reaching $22.2 billion now.
Bitcoin’s RSI and Whale Activity Decline Steadily
However, during this drop in price, less whale behavior has been seen. According to data from Santiment, whale transactions—those containing at least $100,000 worth of Bitcoin—have dropped by 51% in the last five days. The number of deals has dropped from 11,757 on May 15 to an average of 5,756 per day right now.
At the same time, Bitcoin’s Relative Strength Index (RSI) has been going down steadily, which is the same direction that whale behavior is going. During the same five days, market analytics platforms saw Bitcoin’s RSI drop from 70 to 57. This suggests that the price is no longer overvalued and points to a possible future price rise.
This slowdown in whale activity and RSI points to a time when the price of the most valuable cryptocurrency by market size will be less volatile. Santiment data also shows that the BTC Market Value to Realized Value (MVRV) ratio is 143%, or 2.86x, at the moment. At the current price level, this important measure shows that the average price of all Bitcoins bought up to this point has gone up by 143%.
In addition, the BTC MVRV ratio has gone down from 146% in the last three days. People who own BTC have usually waited for the price to go up before thinking about selling their assets when the MVRV ratio goes down.
