Key Points
- Bitcoin’s price has fallen below $60,000 due to increased whale activity and market uncertainty.
- Bitcoin’s supply in exchange has increased, indicating potential sell-offs by Bitcoin holders.
Bitcoin’s price has seen a downward trend in the past week, dipping below the significant $60,000 mark.
This decline is attributed to a surge in whale activity, with Bitcoin’s value decreasing by 8% over the past 24 hours.
Whale Activity and Market Indicators
Santiment data shows a 60% increase in whale transactions involving at least $100,000 worth of Bitcoin since April 28.
The number of unique daily transactions rose from 7,973 to 12,735.
There has also been an increase in the amount of Bitcoin supply stored in exchange, moving from 811,810 BTC to 821,740 BTC within 24 hours.
This trend could suggest that some Bitcoin holders are considering selling their assets due to market fear, uncertainty, and doubt.
Centralization Risks and Market Value
A report from BitMEX on April 30 stated that an unidentified organization controls 47% of the global Bitcoin mining hashrate, presenting a centralization risk to the blockchain network.
Meanwhile, Bitcoin’s Relative Strength Index (RSI) dropped from 52 to 40, as per Santiment.
This indicator suggests that Bitcoin is undervalued at its current price, and the increased whale activity could potentially lead to higher price volatility.
