Bitcoin falls below $66k, exchange activity rises

Bitcoin (BTC) witnessed a strong bearish momentum after three days of consolidation, which caused its price to drop below the $66,000 level.

Bitcoin is down 0.9% in the last 24 hours and is trading at $65,600 at the time of writing. The asset’s market value also fell below $1.3 trillion for the second time this month. However, Bitcoin’s daily transaction volume increased by 125%, reaching $36.3 billion.

BTC price, RSI, forex activity and forex balance as of June 18 | Source: Santiment

According to data provided by Santiment, inflows to the BTC exchange increased by 137% over the past day, from 19,172 BTC to 45,356 BTC.

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

According to Santiment, the Bitcoin supply on exchanges also increased from 937,240 BTC to 939,230 BTC in the past day. This shows that there was a net inflow of 1,863 BTC into the exchange in the past day. The increased inflows come as the broader cryptocurrency market recovers from bearish momentum.

Moreover, according to data from CoinGecko, global crypto market capitalization fell 2.6% in the last 24 hours and currently stands at $2.485 trillion. According to data provided by the price aggregator, 96% of the 300 leading cryptocurrencies, including meme coins, are hovering in the red zone.

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