After reaching a one-month low of $61,500, Bitcoin (BTC) has gained bullish momentum following heightened tensions between Iran and Israel. In the past 24 hours, BTC has risen by 3.2% and is currently trading at around $66,450.
The market cap for Bitcoin has surpassed $1.3 trillion, while the daily trading volume has decreased by 27% to $43.5 billion.
According to data from Santiment, the BTC Relative Strength Index (RSI) has been steadily declining since April 10 and is currently at 38. This indicates that Bitcoin is still undervalued, despite the recent increase in price.
In order for Bitcoin to remain bullish, its RSI must stay below the 50 mark.
Additionally, whale transactions for BTC, which consist of at least $100,000 worth of the asset, have decreased by 34% in the past three days. This suggests lower price volatility for Bitcoin.
On the other hand, data from Santiment shows that the one-year dormant circulation for BTC has increased from 3,975.15 to 4,954.98 coins per day. This could indicate that long-term holders of Bitcoin are looking to sell their assets for profit.
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