Bitcoin (BTC) has once again surpassed the $70,000 level after 11 days of volatile price declines.
BTC has gained 5.4% in the past 24 hours and is trading at $70,500 at the time of writing. This flagship asset has a market capitalization of just over $1.38 trillion and daily trading volume of $42.7 billion.
According to data from CoinGecko, the rise in the price of Bitcoin has provided bullish momentum to the global cryptocurrency market capitalization, which increased by 5.4% and currently hovers around $2.83 trillion.
According to data provided by Santiment, the number of whale trades consisting of at least $100,000 worth of BTC increased by 50.7% in the past 24 hours, with the number of unique trades per day increasing from 8,233 to 12,404 .
Furthermore, Bitcoin's total open interest (OI) also recorded an increase of $800 million. According to Santiment's data, the total BTC OI has jumped from $11 billion to $11.8 billion in the past day.
When there is a sudden increase in whale activity and open interest records for an asset, an increase in price volatility is usually expected.
Meanwhile, data shows that the amount of transactions betting on Bitcoin's price to rise further is increasing. According to Santiment, the total BTC funding rate aggregated from all exchanges jumped from 0.01% to 0.02%.
This shows that traders are becoming more optimistic about Bitcoin's price rising as it approaches its fourth halving.
Robert Kiyosaki, author of the crypto.news report “Rich Dad, Poor Dad,” believes BTC price could exceed $100,000 by September of this year. Kiyosaki also claimed to purchase another 10 Bitcoins by April.
Notably, the Bitcoin Relative Strength Index (RSI) has consistently declined over the past three weeks despite overheated market conditions.
According to Santiment data, the BTC RSI fell from 49 to 47 in the past 24 hours. This indicator shows that Bitcoin is well-positioned for a potential price spike.
