Bitcoin’s Price Trend May Weaken as Open Interest Drops 👀

#JPMorgan analysts note that declining open interest in Bitcoin might indicate a weakening price trend.

Long-position #liquidations seem mostly complete, suggesting reduced selling pressure and a potential slowdown in the downtrend.

This drop in open interest reflects a possible weakening trend. Regulatory worries and market conditions have led to recent crypto market decline, despite earlier positive drivers like #ETF applications and Ripple's legal victory.

The overall impact, combined with rising U.S. real yields and China's economic concerns, adds to market uncertainty, as per JPMorgan's analysis.

#Binance

#crypto2023