Bitcoin price attempts to form a base of $70,000 as open interest decreases across exchanges

Bitcoin prices have stabilized around $70,000 as derivatives deleveraging and declining retail inflows suggest a possible foundation in the market.

At the time of writing, Bitcoin ($BTC) was trading at $70,718, up 4.2% in the past 24 hours. Thanks to this move, the asset is now near the top of its recent weekly range.

Following February’s volatility, Bitcoin has shown signs of correction over the past seven days, trading between $65,962 and $73,669. Despite the recent rally, the cryptocurrency is still 46% below its all-time high of $127,080 set in October 2025.

As prices rise, so does market activity. It rose 49%, with 24-hour trading volume of $53.8 billion. $BTCtraders appear to be returning to the market.

Derivatives data also shows increased activity. Bitcoin futures trading volume rose 13% to $76 billion, and open interest rose 5.72% to $46 billion, according to data from CoinGlass.

Despite short-term increases, long-term data shows that leverage across exchanges is trending downward.

Retail flows and leverage indicate cooling market conditions

A March 10 report by CryptoQuant contributor Amr Taha notes that retail Bitcoin inflows to Binance have declined sharply over the past month.

This analysis tracks cumulative Bitcoin deposits to exchanges over a 30-day period and distinguishes between the activity of small investors and large holders. According to the data, retail inflows to Binance decreased significantly from February 6th to March 10th.

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During this period, retail deposits decreased by approximately $7.8 billion, from approximately $14.1 billion to approximately $6.3 billion. The current level is the lowest since mid-May 2024, suggesting that small investors are sending fewer coins to exchanges.

Open interest in the derivatives market as a whole is also decreasing. The report notes that several major exchanges have seen a reduction in futures positions in recent weeks.

As of March 10, Binance’s Bitcoin open interest was $3.45 billion, down from the $3.8 billion level recorded on April 7, 2025. This previous reading coincided with Bitcoin forming a major market bottom.

Taha said widespread declines in open interest often mean less leverage for traders. Once excessive speculation is removed from the market, a period of deleveraging may occur, resulting in more stable price movements.

Technical analysis of Bitcoin price

From a technical perspective, Bitcoin is still recovering from the sharp decline seen in February. Price remains below the 20-day moving average, the center line of the Bollinger Bands. This level often acts as resistance when the market is trying to recover from a downtrend.

Bitcoin daily chart. Credit: crypto.news

At the same time, the chart shows Bitcoin trading sideways between $67,000 and $71,000, indicating that the market may be establishing a base following the recent decline. Some recent candles have long wicks and small bodies, causing hesitation among traders.

Volatility is also starting to reduce. Bollinger Bands are a gradual narrowing pattern that occurs before a significant change in either direction.

Momentum indicators show slight improvement. The Relative Strength Index is currently hovering around a neutral value of 50, having recovered from oversold levels around 20-30 during the February sell-off.

$66,000 to $67,000 remains an important support range for Bitcoin in the near term. If this level can be maintained, there is a possibility that the current integrated structure can be maintained.

On the upside, the next resistance area is between $71,000 and $72,000. A break above this range could signal stronger recovery momentum, but a rejection of the range could result in Bitcoin trading remaining sideways in the short term.

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