Bitcoin Reverses 5.7% Decline, Open Interest Surges

The Bitcoin market saw a 5.7% retracement in five days from $82,300 to $77,620 between Thursday, September 3rd, and Tuesday, September 8th.

This short-term decline has reversed over the past 24 hours, with the price already up 2.4% from local lows.

The Bitcoin Open Interest has started to pick up in recent days, indicating that market participants are entering the derivatives market in increasing numbers, which could be a sign of a local low.

However, the market sentiment remains in greedy territory, and this week may bring heightened volatility due to the CPI report and rate hike expectations.