Bearish Sentiment Weighs on Bitcoin Amid Rising Open Interest

Bitcoin fell by nearly 1.5% over the past two days, with selling pressure dominating the short-term market.

According to on-chain analyst Axel Adler Jr., the cryptocurrency's price declined from $79,900 to $78,743 on September 8.

The increase in open interest during this decline indicates that new short positions are adding to the downward move.

Despite the bearish short-term outlook, current prices remain well above levels seen before August's rally, suggesting that this correction alone may not have changed the broader market trend.