Key Points
- Bitcoin (BTC) price is fluctuating below the key $67,000 mark, with a decrease in whale activity.
- The BTC Relative Strength Index (RSI) and Market Value to Realized Value (MVRV) ratio have also seen declines.
The Bitcoin (BTC) price has been hovering below the critical $67,000 level after briefly hitting an intraday peak of around $67,600.
BTC has seen a 0.7% drop in the last 24 hours and is currently trading at $66,500.
The market cap of the asset is precariously close to the $1.3 trillion mark.
However, Bitcoin’s daily trading volume has seen a 40% increase, hitting $22.2 billion.
Decline in Whale Activity and RSI
The drop in BTC price coincides with a decrease in whale activity.
Data from Santiment shows that the number of whale transactions of at least $100,000 worth of BTC has fallen by 51% over the past five days.
This has brought the number of transactions down from 11,757 on May 15 to 5,756 unique transactions per day at the time of the report.
The BTC Relative Strength Index (RSI) has also been on a consistent decline along with the asset’s whale activity.
According to the market intelligence platform, the Bitcoin RSI has fallen from 70 to 57 over the past five days.
This indicator suggests that Bitcoin has moved from the overvalued zone and a potential price increase could be expected.
Decrease in MVRV Ratio
At the current price point, the decrease in whale activity and RSI could also imply lower price volatility for the largest cryptocurrency by market cap.
Data from Santiment indicates that the BTC Market Value to Realized Value (MVRV) ratio is currently at 143%, or 2.86x.
This key indicator shows that the average price of all Bitcoins purchased until now has risen by 143% at this price point.
Furthermore, the BTC MVRV ratio has decreased from 146% over the past three days.
Historically, Bitcoin holders usually wait for a price surge before attempting to sell their assets when the MVRV ratio falls.
