Downside pressures on bitcoin and the broader cryptocurrency market are starting to become exhausted, which could lead to a more supportive trading environment, according to Coinbase analysts.

Coinbase's Weekly Market report, released on Friday, described how certain technical factors that had been exerting downside pressure on bitcoin specifically and the broader crypto market are beginning to wane.

"Many technical factors pressuring crypto performance to the downside are starting to be exhausted, in our view, which may give way to a more supportive trading environment in the weeks ahead," Coinbase analysts said.

According to the report, one significant development that has depleted much of the downward pressure is the completion of FTX's bankruptcy estate selling its substantial GBTC …