Bitcoin Declines Following Absence of Crypto Ads During Super Bowl LVIII
Bitcoin (BTC) has experienced a slight decline after the Super Bowl, as no crypto ads were featured during the annual league championship game of the National Football League. At the time of writing, BTC is trading at $48,200, down by 0.7% in the past 24 hours. However, its market cap remains above $945 billion with a daily trading volume of $19.2 billion.
The absence of crypto ads during the Super Bowl for the second consecutive year has contributed to this decline. Even trillion-dollar companies with Bitcoin ETFs were not willing to pay the $7 million fee for advertisements.
Bitcoin’s Open Interest and Funding Rate Continue to Rise
Data from Santiment reveals that Bitcoin’s total open interest (OI) has increased from $7.6 billion to $9.2 billion over the past week. This surge indicates that more investors are betting on a further price hike, targeting the $50,000 mark.
The total Bitcoin funding rate on all exchanges has also risen from 0.007% to 0.009% within the last 24 hours. This suggests that long-position holders currently dominate BTC’s total OI until there are further price movements.
Bitcoin’s Relative Strength Index (RSI) and Price Consolidation
Bitcoin’s RSI has remained above the 80 mark since February 7, according to Santiment. Currently sitting at 84, this indicates a potential price cooldown for BTC.
After reaching a local high of $48,700 earlier today, Bitcoin is currently consolidating with high volatility. To maintain its bullish trend, it would be crucial for Bitcoin’s RSI to stay below the 60 mark.
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