Bitcoin Hits $55,000 Despite Decreasing Exchange Activity

Bitcoin has once again reached the psychological $55,000 mark amid declining exchange activity. The cryptocurrency is up 0.9% over the past 24 hours, despite recent fluctuations and bearish market sentiment.

Bitcoin Price Increase

At the time of writing, Bitcoin is trading at $55,000. Earlier, on September 8, the cryptocurrency briefly dropped to an intraday low of $53,650, which was due to bearish market sentiment.

Exchange Trading Activity

Bitcoin's daily trading volume increased by 33%, reaching $22 billion. According to data from Santiment, 68,470 BTC flowed into exchanges on September 7, before plunging below the $54,000 mark. Over the past two days, the asset's inflows have decreased by 68%, currently sitting at 21,742 BTC. Similarly, the number of Bitcoins leaving exchanges has also dropped by 65%, from 65,847 to 22,802 BTC.

Technical Indicators

Despite the rise above the $55,000 mark, Bitcoin's Relative Strength Index (RSI) remains at 35. This indicator shows that the cryptocurrency is still oversold, which could be due to the market-wide selloff.

Despite the current surge, the Bitcoin market remains volatile, and analysts continue to monitor changes in exchange activity and technical indicators.