Bitcoin declines following crypto’s ominous sidelining during Super Bowl LVIII
Bitcoin (BTC) has slightly declined after the annual league championship game of the National Football League, known as the Super Bowl features no crypto ads.
BTC is down by 0.7% in the past 24 hours and is trading at the $48,200 mark at the time of writing. The asset’s market cap is still above $945 billion with a daily trading volume of $19.2 billion.
The decline comes as the Super Bowl goes without any crypto ads for the second year in a row. Even the trillion-dollar companies with Bitcoin ETFs were not ready to pay the $7 million fee for advertisements.
According to data provided by Santiment, Bitcoin’s total open interest (OI) surged from $7.6 billion to $9.2 billion over the past week. The continuous incline comes as more investors are betting on a further price hike, targeting the $50,000 mark.
Data from the market intelligence platform shows that the total Bitcoin funding rate on all exchanges increased from 0.007% to 0.009% over the past 24 hours. This shows that long-position holders are slightly dominating BTC’s total OI until further price movements.
On the other hand, Bitcoin’s Relative Strength Index (RSI) has been hovering above the 80 mark since Feb. 7, per Santiment. The BTC RSI is currently sitting at 84, suggesting the possibility of a price cooldown.
At this point, Bitcoin is consolidating with high volatility after reaching a local high of $48,700 earlier today.
For Bitcoin to remain bullish, its RSI would need to stay below the 60 mark.
