The cryptocurrency market’s recent downtrend appears to be coming to an end, with JPMorgan’s latest research suggesting that most long position liquidations have been completed.
According to a Bloomberg report, analysts for the United States-based bank estimate that the liquidations are “largely behind us.” The prediction is based on the open interest in Bitcoin (BTC) futures contracts on the Chicago Mercantile Exchange (CME), 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.