Bitcoin’s Value Drops After Cryptocurrency’s Notable Absence from Super Bowl LVIII Ads

Jamie Clark

Cryptocurrency
Bitcoin

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Bitcoin (BTC) saw a modest decline following the National Football League’s Super Bowl, which for the second consecutive year, did not feature cryptocurrency advertisements. Currently, BTC has dropped by 0.7% over the last 24 hours, trading around $48,200. Despite this slight dip, its market capitalization remains over $945 billion, with a daily trading volume of $19.2 billion.

The absence of crypto ads during the Super Bowl, despite the presence of companies with Bitcoin ETFs unwilling to spend $7 million on ad slots, marks a noteworthy trend.

Santiment’s data indicates a significant rise in Bitcoin’s total open interest (OI), jumping from $7.6 billion to $9.2 billion within a week, signaling investor optimism for a potential increase towards the $50,000 threshold.

Furthermore, the overall Bitcoin funding rate across exchanges has ticked up from 0.007% to 0.009% in the past day, suggesting a marginal dominance of long positions in Bitcoin’s open interest, anticipating further price action.

However, Bitcoin’s Relative Strength Index (RSI) has stayed above the 80 level since February 7, according to Santiment, currently at 84, hinting at a potential cooling off of its price soon.

Bitcoin is experiencing high volatility after hitting a recent peak of $48,700 today. To maintain its bullish momentum, the RSI would need to remain below 60.

Bitcoin