US bank expects more improvement

important point:

  • Analysts at JPMorgan said Bitcoin is far from resuming its strong growth trend.
  • Experts argued that net inflows into the BTC spot ETF slowed and even saw significant outflows for the first time.
  • The leading cryptocurrency slipped back down with a loss of more than 6% in the last 24 hours, currently trading at $62,800.

JPMorgan analysts highlight that it is difficult Bitcoin Resume your bullish rally in the short term.

The truth is that a few days ago, BTC achieved a new all-time high (ATH) reach 73,700 USD, However, the continued demand for the BTC Spot ETF began to decline and impacted the price.

The world’s most popular cryptocurrencies in the last 24 hours Fell more than 6% to $62,800 At the time of writing this article. Furthermore, the weekly loss is 8.2%.

“The pace of net inflows into spot Bitcoin ETFs has slowed significantly, with significant outflows so far this week.”

Bank Analyst.

It should be noted that during this week there were Largest outflow by ETF Since they were officially launched two months ago. If Friday also experiences sales, it will be the first time there have been sales for five consecutive days.

“As we approach halving, it seems more likely that this profit taking will continue, especially in the context of the situation which still appears to be overbought despite last week’s correction”Experts added.

bitcoin price during halving

If we evaluate historical data, we will see that BTC has experienced a decline amid a bullish trend in the days near the halving. Something that can still be replicated.

Analyst Miles Deutscher noted that Drops are required before halving To determine sustained growth over the long term.

,It’s time to wait a while until the purchasing power of American institutions and whales increases“, he clarified.


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