Bitcoin (BTC) has seen a slight uptick in momentum following a drop from the $70,000 mark. The total open interest (OI) for BTC has decreased by over $1 billion.

BTC is currently up by 0.6% in the last 24 hours, trading at $66,500. The market cap for the asset has reached $1.3 trillion, with a daily trading volume of $44 billion.

According to data from Santiment, the total Bitcoin OI has experienced a 9% decline in the past day, dropping from $12.36 billion to $11.25 billion. Changes in open interest can lead to increased price volatility for an asset.

Additionally, the number of whale transactions involving at least $100,000 worth of BTC has decreased from 15,454 to 14,020 unique transactions in the last 24 hours, as reported by Santiment. 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 over the past day, indicating slightly increased pressure and volatility for the flagship cryptocurrency. An RSI below 50 could potentially signal a bullish momentum for Bitcoin.

One possible reason for the uptick in RSI is the profit-taking phase of Bitcoin miners. Reports indicate that BTC miners earned over $2 billion last month, surpassing the previous all-time high of $1.7 billion set in May 2021.

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