Bitcoin reaches $61k, old coins enter chain

Bitcoin has finally breached the $61,000 mark again after a week of bearish consolidations. 

Bitcoin (BTC) is up by 4% in the past 24 hours and is trading at $61,050 at the time of writing, with its market cap surpassing the $1.2 trillion mark for the first time in the past week.

Moreover, Bitcoin’s daily trading volume increased by 49%, reaching $29 billion. Following the price surge, old BTC holders have started making movements. According to data provided by Santiment, Bitcoin’s five-year dormant 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 in the same timeframe, showing that long-term Bitcoin holders might be looking for potential profits at this price point.

Data from the market intelligence platform shows that the number of whale transactions consisting of at least $100,000 worth of BTC rose from 5,041 to 7,565 unique transactions over the past 24 hours. Short-term profit-taking is usually expected in similar conditions due to the increased whale activity, trading volume and old BTC movements.

On the other hand, the Bitcoin Relative Strength Index remains below the 50 mark, indicating that the flagship cryptocurrency is not overbought despite the price surge. 

Bitcoin’s bullish momentum has triggered a market-wide surge. Per data from CoinGecko, the global cryptocurrency market capitalization increased by 2.8% over the past 24 hours and is currently sitting at $2.24 trillion.