Bitcoin price attempts $70K base formation as open interest drops across exchanges

Bitcoin price is stabilizing near $70,000 as declining derivatives leverage and falling retail inflows hint at a possible base forming in the market.

Summary

• Bitcoin is trading near $70,000, close to the upper end of its weekly range.
• Retail inflows to Binance have dropped sharply while open interest across exchanges continues to trend lower, signaling reduced leverage.
• Technical indicators show BTC consolidating between $67K and $71K as volatility tightens ahead of a potential breakout.

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

Following February’s volatility, Bitcoin has shown signs of consolidation over the last seven days, trading between $65,962 and $73,669. The cryptocurrency is still 46% below its October 2025 all-time high of $127,080 despite the recent upswing. 

Alongside the price increase, market activity has increased. With a 49% rise and a 24-hour trading volume of $53.8 billion for BTC, traders appear to be returning to the market.

Derivatives data also shows rising activity. According to CoinGlass data, Bitcoin futures trading volume increased 13% to $76 billion, while open interest climbed 5.72% to $46 billion.

Despite the short-term increase, longer-term data show that leverage across exchanges has been trending lower.

Retail flows and leverage show cooling market conditions

A Mar. 10 report from CryptoQuant contributor Amr Taha points to a sharp decline in retail Bitcoin inflows to Binance over the past month.

The analysis tracks cumulative Bitcoin deposits to the exchange over 30 days, separating activity from smaller investors and large holders. According to the data, retail inflows to Binance dropped significantly between Feb. 6 and Mar. 10.

During that period, retail deposits fell from around $14.1 billion to roughly $6.3 billion, a drop of about $7.8 billion. The current level is the lowest recorded since mid-May 2024, suggesting smaller investors are sending fewer coins to exchanges.

Open interest across derivatives markets has also been declining. The report notes that several major exchanges have seen a reduction in futures positioning in recent weeks.

Bitcoin open interest on Binance was $3.45 billion on March 10, down from the $3.8 billion level noted on April 7, 2025. That earlier reading coincided with a period when Bitcoin formed a major market bottom.

According to Taha, widespread drops in open interest often signify a reduction in traders’ leverage. Once excessive speculation is removed from the market, periods of deleveraging can occasionally result in more stable price action.

Bitcoin price technical analysis

From a technical standpoint, Bitcoin is still recovering from the sharp decline seen in February. The price is still below the 20-day moving average, which is the midline of the Bollinger Bands. This level often acts as resistance when markets are trying to recover from a downtrend.

At the same time, the chart shows that Bitcoin is moving sideways between $67,000 and $71,000, indicating that the market may be establishing a base following the recent sell-off. Several recent candles have longer wicks and smaller bodies, which shows hesitancy among traders.

Volatility has also started to contract. Bollinger Bands are gradually narrowing, a pattern that comes before a more significant shift in either direction.

Momentum indicators show a slight improvement. The relative strength index is now hovering around 50, a neutral reading, having recovered from oversold levels near 20–30 during February’s decline. 

$66,000 to $67,000 continues to be the crucial support range for Bitcoin in the near future. Holding this level could help maintain the current consolidation structure.

On the upside, $71,000 to $72,000 stands as the next resistance area. A break above that range could signal stronger recovery momentum, while rejection there may keep Bitcoin trading sideways in the near term.