Bitcoin falls below $43k, low volatility expected

Bitcoin’s (BTC) price fell below the $43,000 in line with a broader crypto market cool down. Data shows the flagship crypto is still holding strong with lower volatility. 

BTC declined by 0.9% in the past 24 hours and is trading at $42,800 at the time of writing. The asset’s market cap is still holding above $838 billion with a daily trading volume of over $24 billion. 

According to data provided by the market intelligence platform Santiment, Bitcoin’s Relative Strength Index (RSI) rose from 47 to 65 in the past 24 hours. The RSI is slightly above the crucial 60 mark and suggests a potential price increase.

Historically, the crypto market usually cools down during the week between Christmas and New Years Day. 

The global crypto market capitalization also recorded a 0.6% decline over the past day — falling from $1.67 trillion to $1.65 trillion.

Moreover, the Bitcoin whale activity has also been declining over the past four days. Per Santiment, the number of whale transactions consisting of at least $100,000 worth of BTC declined from 15,295 trades on Dec. 22 to 6,379 unique transactions at the reporting time.

On the other hand, Bitcoin’s total open interest (OI) increased by around $120 million over the past 24 hours — rising from $7.31 billion to $7.43 billion. 

As the total OI rises, the BTC Binance funding rate shows an increase in long-position holders, according to Santiment — surging from 0.01% to 0.03%. 

Per a report on Dec.24, the Bitcoin miners’ revenue rallied by 400% this year.

Bitcoin’s 153% rally over the past year occurred after the asset touched a local bottom of $15,800 after the collapse of the FTX crypto exchange last year.