Bitcoin reaches the $69k mark after a series of large investments

Bitcoin (BTC) price broke the $69,000 mark, gaining upward momentum after a bearish weekend.

BTC is up 1.3% in the last 24 hours and is trading at $69,080 at the time of writing. The market cap of the flagship cryptocurrency has surpassed $1.35 trillion, with a daily trading volume of $22.7 billion.

BTC price, RSI, active addresses and supply in the money – June 3 | Source: Santiment

The bullish momentum follows several major investments in the Bitcoin ecosystem. Paradigm helped Bitcoin staking protocol Babylon raise $70 million, according to a June 1 report.

Moreover, USDT issuer Tether rushed to purchase up to $150 million worth of Bitdeer shares in a private deal. Bitdeer is a popular Bitcoin mining company and its shares are worth between $6 and $7.

The Republic of Tatarstan, also known as Tataria, is trying to establish the largest Russian Bitcoin mining company, worth approximately $100 million. Innopolis Tech, a fintech company run by a former Russian communications minister, will manage the project.

According to data provided by Santiment, the number of active addresses on the Bitcoin network has steadily decreased over the past four days; The number of daily active addresses, which was 683,150 on May 31, decreased to 538,240 during the reporting period.

Data from Santiment shows that the total profit supply increased slightly from 18.28 million BTC to 18.33 million tokens. So far, 19,707 million Bitcoins have entered circulation.

According to Santiment, the BTC Relative Strength Index (RSI) currently stands at 54. The indicator shows that Bitcoin is still well positioned for a steady upward momentum.