While the OBV of Binance Coin crept higher in recent days, the Open Interest was in a steady decline, which indicated bearish sentiment among speculators
clung to the support level at $300, all was not well in terms of investor sentiment. Analysis of the higher timeframes such as the daily showed the market bias has been bearish since late April.
The midpoint of the range at $309 has served well, acting as both support and resistance. At the time of writing, it was resistance, and further short-term losses were likely. The RSI showed a value of 33 to signify strong bearish momentum. It was unlikely that this demand could force a breakout past the range, but a bullish Bitcoin in June could vastly change the outlook.While the OBV crept higher in recent days, the Open Interest was in a steady decline. The funding rate also fell over the past 48 hours, although it remained in the positive territory.
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