Bitcoin surpasses the $59k mark, whales on the way

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Bitcoin (BTC) has been persistently rising over the previous few days and has simply surpassed the $59,000 mark. 

BTC is up by 4.3% prior to now 24 hours and is buying and selling at $59,100 on the time of writing. The flagship asset’s market cap simply surpassed the $1.15 trillion mark with a every day buying and selling quantity of $45 billion. 

Bitcoin surpasses the $59k mark, whales on the way - 1
BTC value, whale exercise, RSI and social quantity – Feb. 28 | Supply: Santiment

In response to knowledge supplied by Santiment, Bitcoin traders are taking on the crypto social media speaking concerning the asset’s bullish momentum. BTC’s social quantity elevated by 131% since Feb. 24, per the info supplier. 

Nearly all of the conversations, in keeping with Santiment, embody the phrases “60k,” “ATH,” and “bullish.” This exhibits that some traders are at the moment anticipating new all-time highs for the main cryptocurrency. 

Following the value surge from the $50,000 mark, Bitcoin’s whale exercise additionally recorded a notable enhance. In response to Santiment, whale transactions consisting of not less than $100,000 value of BTC surged from 8,267 to 16,885 distinctive transactions per day since Feb. 24.

When an asset’s whale exercise shortly surges, excessive volatility is normally anticipated. 

Per Santiment, Bitcoin’s Relative Power Index (RSI) is at the moment hovering round 80. The indicator means that the flagship crypto is at the moment witnessing excessive volatility on account of grasping market situations. 

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