Bitcoin (BTC) experienced a strong bearish momentum after three days of consolidation, causing its price to drop below the $66,000 mark.

In the past 24 hours, Bitcoin has decreased by 0.9%, trading at $65,600 at the time of writing. This decline also brought Bitcoin's market cap below $1.3 trillion for the second time this month. Despite the price drop, Bitcoin's daily trading volume increased by 125%, reaching $36.3 billion.

BTC price, RSI, exchange activity and exchange balance as of Jun. 18 | Source: Santiment

According to data from Santiment, the BTC exchange inflow surged by 137% over the past day, rising from 19,172 BTC to 45,356 BTC.

The market intelligence platform also reported a significant increase in the amount of Bitcoin leaving exchanges. BTC exchange outflow surged by 119% in the past 24 hours, increasing from 19,871 BTC to 43,493 BTC.

Additionally, the supply of Bitcoin on exchanges rose from 937,240 BTC to 939,230 BTC over the past day, resulting in a net inflow of 1,863 BTC. This increase in inflows occurs as the broader cryptocurrency market faces bearish momentum.

The global crypto market capitalization declined by 2.6% in the past 24 hours, currently hovering at $2.485 trillion, according to CoinGecko. Data from the price aggregator indicates that 96% of the leading 300 cryptocurrencies, including meme coins, are in the red zone.

Santiment data also reveals that Bitcoin's relative strength index (RSI) is at 46, indicating that the leading cryptocurrency is slightly undervalued.