Bitcoin (BTC) has seen a rise in bullish momentum recently, despite a decrease in whale activity. The cryptocurrency is currently trading at $63,170, up by 3.5% in the last 24 hours. Its market cap has reached $1.24 trillion with a daily trading volume of $21.5 billion.
According to data from Santiment, whale transactions involving at least $100,000 worth of BTC have been on a downward trend over the past four days. This decline in whale activity suggests that big players may be waiting for a potential price surge. Notably, Bitcoin whale activity has dropped to its lowest level since December 2018.
In addition, the Bitcoin Relative Strength Index (RSI) is currently at 44, indicating that the cryptocurrency may be slightly undervalued at the moment. This, coupled with the recent indicators, could lead to a further increase in Bitcoin’s price.
However, analyst Michaël van de Poppe warns that Bitcoin is at a critical support level and negative news could potentially drive the price down to $60,000. He suggests that breaking below this level could lead to a test between $52,000 and $55,000. Van de Poppe advises investors to continue accumulating and be patient during this period of uncertainty.