Bitcoin breaches $61,000 mark after week-long bearish trend. The cryptocurrency surged by 4% in 24 hours, trading at $61,050, with its market cap surpassing $1.2 trillion.
Bitcoin’s daily trading volume increased by 49%, reaching $29 billion. Following the price surge, old BTC holders started making movements.
According to data from Santiment, Bitcoin’s five-year dormant circulation rose from 117 BTC to 728 BTC over the past day.
Additionally, the asset’s one-year dormant circulation increased from 1,806 BTC to 6,759 BTC, indicating long-term holders might seek profits.
Whale transactions, involving at least $100,000 worth of BTC, rose from 5,041 to 7,565 over the past 24 hours. This trend suggests short-term profit-taking.
Despite the surge, Bitcoin’s Relative Strength Index remains below the 50 mark, indicating it is not overbought.
Bitcoin’s rise has triggered a market-wide surge. According to CoinGecko, the global cryptocurrency market capitalization increased by 2.8% in the past 24 hours to $2.24 trillion.
