Bitcoin (BTC) has experienced a minor uptick in bullish momentum following a decline from the $70,000 threshold. This slight increase comes as the total open interest (OI) for BTC has dropped by a significant $1 billion.
In the last 24 hours, BTC has risen by 0.6% and is currently trading at $66,500. The cryptocurrency’s market capitalization has reached $1.3 trillion, accompanied by a daily trading volume of $44 billion.
Data from Santiment indicates that the overall Bitcoin open interest has decreased by 9% in the last day, falling from $12.36 billion to $11.25 billion. Such a swift change in open interest typically leads to heightened price volatility for an asset.
Furthermore, the number of whale transactions involving at least $100,000 worth of BTC has decreased from 15,454 to 14,020 unique transactions over the past 24 hours, according to Santiment data. This decline in whale activity coincides with a drop in the global crypto greed and fear index to a one-month low of 71.
The Bitcoin Relative Strength Index (RSI) has increased from 54 to 57 within the last day. This uptick in the RSI suggests that the primary cryptocurrency is experiencing a slight increase in pressure and volatility. An RSI below 50 could potentially indicate a bullish momentum for Bitcoin.
One possible reason for the rising RSI could be the profit-taking phase of Bitcoin miners. Reports from crypto.news reveal that BTC miners earned over $2 billion last month, surpassing the previous all-time high of $1.7 billion set in May 2021.
For more information, Wormhole has unveiled a roadmap for the debut of the W token on Solana.