Bitcoin (BTC) has seen a consistent decline in price over the past two weeks, positioning the flagship cryptocurrency in what many analysts deem an undervalued state.
In the last 24 hours, BTC dropped by 3.2%, currently trading at $62,300. This marks the first time in six weeks that Bitcoin has dipped below the $63,000 mark. Moreover, Bitcoin’s market capitalization has fallen to $1.22 trillion, a level not seen since May 15th.
Market intelligence data shows a notable decline in BTC exchange inflow, dropping from 18,726 coins to 14,547 coins over the past 24 hours. Additionally, the BTC exchange outflow decreased from 20,344 tokens to 14,648 tokens within the same timeframe.
However, BTC’s daily trading volume surged by 91% over the past day, surpassing $17 billion.
These movements indicate a trend where investors are potentially accumulating Bitcoin at this price point, viewing the $62,000 mark as a possible local bottom for the leading cryptocurrency.
Spot BTC exchange-traded funds (ETFs) in the U.S. have experienced six consecutive days of outflows, contributing to increased FUD (fear, uncertainty, and doubt) in the cryptocurrency market.
