Bitcoin (BTC) has exhibited a modestly bullish upswing subsequent to its retreat from the $70,000 threshold. This resurgence coincides with a notable decline in BTC's total open interest (OI), which has decreased by over $1 billion.

Over the last 24 hours, BTC has seen a 0.6% increase, currently priced at $66,500 at the time of this report. Its market capitalization has ascended to $1.3 trillion, accompanied by a daily trading volume of $44 billion.

As per insights from Santiment, the aggregate Bitcoin OI has experienced a 9% reduction within the past day, plummeting from $12.36 billion to $11.25 billion. Such abrupt shifts in open interest typically contribute to heightened price volatility for the asset.

Additionally, Santiment's data reveals a decline in the number of whale transactions, defined as transactions involving at least $100,000 worth of BTC, which dropped from 15,454 to 14,020 unique transactions over the last 24 hours. This decline in whale activity coincides with a dip in the global crypto greed and fear index, now resting at a one-month low of 71.

Analyzing Bitcoin's Relative Strength Index (RSI) indicates an uptick from 54 to 57 within the same 24-hour period. This suggests that the flagship cryptocurrency is experiencing a slightly elevated level of pressure and volatility. An RSI below 50 could potentially signal a bullish trend for Bitcoin.

One significant factor contributing to the heightened RSI may be the profit-taking activities of Bitcoin miners. According to a report from crypto.news, BTC miners raked in over $2 billion last month, surpassing the previous all-time high of $1.7 billion recorded in May 2021.