Bitcoin Price Pulls Back Below $79K Amid High Open Interest

Bitcoin's price experienced a sharp pullback on Tuesday, dipping below $79,000 to a mid-morning low of $78,600.

The drop came just hours after Bitcoin reached its highest price since May 11 at $81,255. Despite the decline, the Crypto Fear and Greed Index remained strong at 74, indicating that traders view the move as consolidation rather than a correction.

Market data shows that whales sold $2 billion in BTC, yet open interest remains high at $140.9 billion, priming the market for a potential liquidation squeeze.

Analyst Aria Naka notes that sentiment often lags behind price movements, warning traders on X that doubt usually precedes major breaks.