Bitcoin (BTC) has seen a modest uptick in bullish momentum following a drop from the $70,000 level. This slight push comes as BTC’s total open interest (OI) took a nosedive by over $1 billion.
In the last 24 hours, BTC has increased by 0.6% and is currently trading at $66,500. The cryptocurrency’s market cap has reached $1.3 trillion, with a daily trading volume of $44 billion.
Data from Santiment reveals that the total Bitcoin OI experienced a 9% decline in the past day, falling from $12.36 billion to $11.25 billion. A significant shift in open interest could lead to increased price volatility for an asset.
Additionally, the number of whale transactions involving at least $100,000 worth of BTC decreased from 15,454 to 14,020 unique transactions in the last 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 risen from 54 to 57 in the past 24 hours, indicating slightly elevated pressure and volatility for the flagship cryptocurrency. An RSI below 50 could potentially signal a bullish trend for Bitcoin.
One possible reason for the increased RSI is the profit-taking phase among Bitcoin miners. As reported by crypto.news, BTC miners raked in over $2 billion last month, surpassing the previous all-time high of $1.7 billion set in May 2021.