Bitcoin (BTC) has been hovering in the bearish zone after a series of massive selloffs triggered a market-wide downturn.

BTC is up by 0.6% in the past 24 hours and is trading at $58,180 at the time of writing. The asset’s market cap is sitting at $1.14 trillion. Data shows that the BTC daily trading volume increased by 42%, reaching $29.5 billion.

According to data provided by Santiment, the Bitcoin total open interest dropped from $10.29 billion to $10 billion over the past day. The decline comes as the amount of BTC liquidations reached $148 million.

Data from Coinglass shows that $100 million worth of short and $48 million in long BTC trading positions have been liquidated in the past 24 hours. The single largest liquidation, worth $22.24 million in BTC-USDT-swap, happened on the OKX crypto exchange.

As the open interest declines, lower price volatility would be expected for Bitcoin as the amount of liquidations decreases. 

Per Santiment data, the BTC Relative Strength Index (RSI) is currently sitting at 30. The indicator shows that the flagship cryptocurrency is oversold at this price point. Moreover, the RSI combined with the declining open interest could hint at a short-term price hike for Bitcoin.

As Bitcoin fell below the $54,000 mark on July 5, its whale activity also decreased significantly. According to Santiment, the number of whale transactions consisting of at least $100,000 worth of BTC plunged from 11,648 on July 5 to 6,063 unique transactions at the time of writing.

It’s important to note that the market-wide bearish momentum was majorly triggered by the BTC selloffs over the past three weeks. Crypto.news reported that the U.S. government, the German government and the now-defunct crypto exchange Mt. Gox have moved over $1 billion worth of Bitcoin since June 19.