Convergence

Giant

Divergence

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<p>A <a href="https://x.com/crypto/status/1697085576258654680?s=46&amp;t=dYF0hpz-gFc8HcetSehFUQ">new research report</a> from JPMorgan Chase &amp; Co. indicates that the recent downward spiral in cryptocurrency markets may soon abate.</p>
<p>Nikolaos Panigirtzoglou has pointed to the decline in open interest in <a href="https://u.today/cme-group-announces-new-bitcoin-btc-futures-contracts">CME Bitcoin</a> futures contracts as a sign that the sell-off might be nearing its conclusion.</p>
<p>Open interest—defined as the number of unsettled and active futures contracts trading on exchanges—serves as an indicator of a price trend's momentum. A decline in open interest generally suggests that the price trend is losing steam, thus signaling a limited downside for crypto markets in the near term.</p>
<h2 id="still-in-bull-territory">Still in bull territory? &nbsp;</h2>
<p>Notably, JPMorgan's view is in line with that of anonymous cryptocurrency analyst Dave the Wave. In <a href="https://twitter.com/davthewave/status/1696977164942626876">a recent post</a> on X (formerly Twitter), Dave the Wave highlighted that Bitcoin's weekly Moving Average Convergence Divergence (MACD) is still above the zero-line, suggesting the cryptocurrency is still in bull territory. Unlike the steep rise outside of the Low Ground Cover (LGC) buyzone observed in 2019, the current MACD patterns indicate a lower risk of a drastic correction back to the buyzone. Dave the Wave anticipates that the MACD will bounce off the zero-line and maintain its bullish stance.</p>
<h2 id="lackluster-price-action">Lackluster price action&nbsp;</h2>
<p>After spiking to $28,000, Bitcoin's price recently retreated to the $27,000 level, even in light of positive news from <a href="https://u.today/breaking-bitcoin-price-surges-as-grayscale-emerges-victorious-against-sec-in-etf-case">Grayscale Investments</a>.</p>
<p>As <a href="https://u.today/bloombergs-mcglone-on-bitcoin-price-30k-is-new-12k">reported by U.Today</a>, prominent analyst Mike McGlone recently opined that $30,000 may be the new $12,000 for the largest cryptocurrency.&nbsp;</p>
<p>Considering that the Fed is still determined to tame inflation, Bitcoin might keep struggling to stage an impressive rally. &nbsp;&nbsp;</p>

Banking Giant JPMorgan Unfazed by Crypto Downturn

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