Bitcoin (BTC) price seems to be weakening as market momentum slows following a recovery rally. The rising open interest in Bitcoin on major exchanges indicates strong trading activity; however, the technical signals now suggest that selling pressure is building.
At the time of writing, BTC is trading at $77,101, with a 24-hour trading volume of $34.93 billion and a total market capitalization of $1.54 trillion. According to CoinMarketCap, over the last 24 hours, Bitcoin price increased by 0.34% as buying momentum weakened and sellers slowly gained control of the market.
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Bitcoin Open Interest Hits $29 Billion
As reported by a crypto analyst, Ali Martinez, the open interest of Bitcoin increased to $29 billion on May 5, marking its highest point since January 29. This development followed the rise in open long positions as Bitcoin approached its resistance of $83,000.
According to data, Binance held an open interest of close to $9.03 billion worth of Bitcoin, which was about 73% more than the second most significant exchange. This level of dominance on Binance further emphasizes its strength in the Bitcoin futures market.
Bitcoin Price Momentum Weakens Below Key Levels
The technical indicators indicate that there is the possibility of continued weakness in the price of Bitcoin in the short term. The RSI has dropped to 44.17, below the 50 line, which indicates that buyers’ influence on the price is diminishing as the sellers gain more control.
The RSI signal line continues to be above 55.48, indicating weakness in the preceding bullish trend. Additionally, the Bitcoin price continues to trade around $76,715 following its failure to hold above key short-term moving averages.
The MACD technical indicator is also indicating that the market is becoming weak. The current value of the MACD line is 224.97, and the histogram has fallen to -711.58. Increasing red bars on the histogram show that there is more selling pressure.
With a continuation of a downtrend in the Bitcoin price, BTC could revisit its support level at the 100-day SMA of about $76,010. In the case of an extended decline, BTC could reach its next support level at the 200-day SMA of $72,348.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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