Bitcoin’s value plummets as cryptocurrency takes a backseat during Super Bowl LVIII.
Bitcoin (BTC) experienced a slight decline following the conclusion of the Super Bowl, as no crypto advertisements were featured during the annual championship game of the National Football League. As of the time of writing, BTC is down 0.7% in the past 24 hours and is trading at $48,200. However, the cryptocurrency still maintains a market cap above $945 billion and a daily trading volume of $19.2 billion.
This decline in BTC price coincides with the absence of crypto ads during the Super Bowl for the second consecutive year. Even trillion-dollar companies with Bitcoin ETFs were unwilling to pay the $7 million fee for advertising.
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 upward trend indicates that more investors are placing bets on a further price increase, aiming for the $50,000 mark.
Santiment’s market intelligence platform also shows that the total Bitcoin funding rate on all exchanges has risen from 0.007% to 0.009% in the last 24 hours. This suggests that long-position holders currently dominate BTC’s total OI until there are further price movements.
On the other hand, Bitcoin’s Relative Strength Index (RSI) has remained above the 80 mark since February 7, according to Santiment. Currently, the BTC RSI stands at 84, indicating the possibility of a price cooldown.
At present, Bitcoin is experiencing consolidation with high volatility after reaching a local high of $48,700 earlier in the day. To maintain a bullish outlook, Bitcoin’s RSI would need to stay below the 60 mark.
Read more: Top cryptocurrencies to watch this week: BTC, SOL, AVAX.
