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

Bitcoin (BTC) has been consistently rising over the past few days and has just surpassed the $59,000 mark.

BTC is up by 4.3% in the past 24 hours and is trading at $59,100 at the time of writing. The flagship asset’s market cap just surpassed the $1.15 trillion mark with a daily trading volume of $45 billion.

BTC price, whale activity, RSI and social volume – Feb. 28 | Source: Santiment

According to data provided by Santiment, Bitcoin investors are taking over the crypto social media talking about the asset’s bullish momentum. BTC’s social volume increased by 131% since Feb. 24, per the data provider.

The majority of the conversations, according to Santiment, include the terms “60k,” “ATH,” and “bullish.” This shows that some investors are currently expecting new all-time highs for the leading cryptocurrency.

Following the price surge from the $50,000 mark, Bitcoin’s whale activity also recorded a notable increase. According to Santiment, whale transactions consisting of at least $100,000 worth of BTC surged from 8,267 to 16,885 unique transactions per day since Feb. 24.

When an asset’s whale activity quickly surges, high volatility is usually expected.

Per Santiment, Bitcoin’s Relative Strength Index (RSI) is currently hovering around 80. The indicator suggests that the flagship crypto is currently witnessing high volatility due to greedy market conditions.

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