The relative resistance index (RSI) culminated at 79.6 during the rally, signaling extreme over -rascal conditions. Since then, RSI has dropped to around 64.93, still bullish, but indicating the slowdown in the buyer’s strength.
In addition, while Bitcoin Futures Open Interest (OI) has reached record heights and financing rates increased in tandem with the price, the perpetual cumulative volume Delta (CVD) decreased by 43%, going from $ 425 million to $ 608 million. This drop highlights an increase in sales pressure, which suggests that traders become more cautious.
“The persistent decline in the MCV reflects the lowering feeling, highlighting the dominant pressure of the sales market of Bitcoin,” noted Glassnode.
