The cryptocurrency market's recent downtrend appears to be coming to an end, as JPMorgan's latest research suggests.
) futures contracts on the Chicago Mercantile Exchange indicating that the selling trend might soon decelerate. Open interest, which refers to active futures contracts, serves as an indicator of market sentiment and the strength of price trends.
Bitcoin's open interest decline is seen as a sign that the current price trend could be weakening, according to analysts. “As a result, we see limited downside for crypto markets over the near term.”Crypto prices have been on the downtrend in recent weeks due to declining optimism around regulatory developments in the United States, notes the report. On Aug. 26, Bitcoin is trading close to $26,000, down 11.27% over the past 30 days, according to Cointelegraph Markets.
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