Following the high-octane Super Bowl LVIII, which notably lacked cryptocurrency advertisements, Bitcoin (BTC) has seen a marginal decrease. Currently trading at around $48,200, the flagship cryptocurrency’s market capitalization holds strong at over $945 billion, with a notable daily trading volume of $19.2 billion. This minor setback occurs amidst a broader trend of advertisers sidelining crypto during one of the year’s most-watched sporting events.

Despite the dip, data from the analytics firm Santiment reveals a significant uptick in Bitcoin’s total open interest (OI), which has jumped from $7.6 billion to $9.2 billion in just one week. This surge in OI indicates that investors are actively wagering on Bitcoin’s price to breach the coveted $50,000 mark soon.

Further analysis of Bitcoin’s market behavior shows an increment in the total Bitcoin funding rate across all exchanges, moving from 0.007% to 0.009% within 24 hours. This subtle yet telling increase suggests that long-position holders are currently influencing the market’s direction. Additionally, Bitcoin’s Relative Strength Index (RSI) has been consistently above 80 since February 7th, with the current RSI at 84, hinting that the market might see a short-term cooling period after the recent local peak of $48,700.

Bitcoin is currently navigating through a phase of high volatility and consolidation, following its recent local high. For the cryptocurrency to maintain its bullish trend, it would need to regulate its RSI to remain below the 60 threshold, a level that often indicates a potential for continued growth without immediate overvaluation.