Bitcoin’s price faces increasing headwinds as technical indicators weaken despite heavy futures market activity. The cryptocurrency is struggling near the $83,000 resistance level, with its Relative Strength Index (RSI) and MACD turning bearish. Concurrently, total open interest in Bitcoin futures has surged to $29 billion, indicating significant speculative trading activity on exchanges like Binance.
Bitcoin’s price momentum is weakening as it encounters strong resistance near $83,000. At the time of writing, BTC is trading at $77,101 with a market capitalization of $1.54 trillion.
The open interest for Bitcoin futures recently reached $29 billion, its highest point since late January. Data reported by analyst Ali Martinez shows this surge followed a rise in long positions as Bitcoin neared resistance.
Technical indicators now signal growing selling pressure for Bitcoin. The RSI has dropped to 44.17, indicating diminishing buyer influence as sellers gain control.
The MACD indicator also reflects this weakening market momentum. Its histogram has fallen to -711.58, with increasing red bars showing more selling pressure.
With the downtrend, Bitcoin could revisit its support at the 100-day simple moving average near $76,010. An extended decline might see the price test its next major support at the 200-day average of approximately $72,348.
