Bitcoin falls below $66k, exchange activity rises

Bitcoin (BTC) has witnessed a strong bearish momentum after three days of consolidation, leading to its price fall below the ,000 mark.

Bitcoin is down by 0.9% in the past 24 hours and is trading at ,600 at the time of writing. The asset’s market cap also dropped below the .3 trillion mark for the second time this month. Bitcoin’s daily trading volume, however, increased by 125%, reaching .3 billion.

According to data provided by Santiment, the BTC exchange inflow surged by 137% over the past day — rising from 19,172 BTC to 45,356 BTC. 

Data from the market intelligence platform shows that the amount of Bitcoin leaving exchanges has also significantly increased. Per Santiment, the BTC exchange outflow surged by 119% in the past 24 hours — rising from 19,871 BTC to 43,493 BTC.

Per Santiment, the Bitcoin supply on exchanges also increased from 937,240 BTC to 939,230 BTC over the past day. This shows an exchange net inflow of 1,863 BTC over the past day. The heightened inflows come as the broader cryptocurrency market weathers bearish momentum.

Moreover, the global crypto market capitalization declined by 2.6% in the past 24 hours and is currently hovering at .485 trillion, according to data from CoinGecko. Per data provided by the price aggregator, 96% of the leading 300 cryptocurrencies, including meme coins, are wandering in the red zone.

According to Santiment data, the BTC relative strength index (RSI) is sitting at 46 at the reporting time. The indicator shows that the leading cryptocurrency is slightly undervalued.