Bitcoin Reverses Course as Open Interest Climbs Ahead of CPI Report

The Bitcoin market has been volatile over the past few days, experiencing a 5.7% retracement from $82,300 to $77,620 between September 3rd and 8th.

However, within the last 24 hours, this downturn has begun to reverse, with BTC up 2.4% from its local lows.

CryptoQuant's data indicates that the Bitcoin Open Interest has increased in recent days, suggesting market participants are entering the derivatives market in greater numbers.

This could be a sign of a local low, but market sentiment remains in greedy territory, which may lead to heightened volatility with the upcoming CPI report and potential rate hike expectations.