Bitcoin (BTC) has displayed a modestly bullish trend following its recent decline from the $70,000 threshold. This upward movement coincides with a notable decrease in Bitcoin’s total open interest (OI), which has dropped by over $1 billion.
As of the time of writing, BTC has experienced a 0.6% increase over the past 24 hours, reaching a trading price of $66,500. The cryptocurrency’s market capitalization has surged to $1.3 trillion, with a daily trading volume of $44 billion.
According to data from Santiment, the total Bitcoin open interest has witnessed a significant 9% decline within the last day, plummeting from $12.36 billion to $11.25 billion. Such fluctuations in open interest often contribute to heightened price volatility for the asset.
Additionally, Santiment’s data indicates a decrease in the number of whale transactions involving at least $100,000 worth of BTC. The count has fallen from 15,454 to 14,020 unique transactions in the past 24 hours. This reduction 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 also seen an uptick, rising from 54 to 57 over the same period. While this suggests slightly heightened pressure and volatility for the flagship cryptocurrency, an RSI below 50 typically indicates a bullish momentum for Bitcoin.
One contributing factor to the increased RSI could be the profit-taking phase observed among Bitcoin miners. According to a report by crypto.news, BTC miners amassed over $2 billion in earnings last month, surpassing the previous all-time high of $1.7 billion recorded in May 2021.
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