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JPMorgan Predicts Bitcoin Weakness; Trades in a Tight Range

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Bitcoin (BTC) has been trading in a narrow range for the past few days, indicating that investors are losing trust. With a cluster of resistance thresholds ranging from $56,000 to $60,000, the rebound from the April 17 sell-off appears sluggish. At the time of publication, the cryptocurrency was selling for around $54,449. On the four-hour tracker, BTC has broken its uptrend since March and has struggled to reverse a sequence of lower price highs since April 1.

 

JPMorgan's new Bitcoin price worries are at odds with $52K's "immense funding." In a note published Tuesday, strategists led by Panigirtzoglou predicted that if Bitcoin doesn't break back above $60,000 soon, momentum signals will collapse.

JPMorgan Predicts Bitcoin Weakness; Trades in a Tight Range
He went on to say that the unwinding of futures positions would not reverse, and that interest in institutional Bitcoin bets would now disappear.

Dogecoin (DOGE) was down 18 percent on Wednesday after "Dogecoin Day" - a failed effort to raise the price to $4.20 - failed miserably.

Gemini, Tyler and Cameron Winklevoss' crypto trading network, has released a new State of U.S. Crypto Report, which details consumer developments in the crypto industry in the United States. The information was gathered from a nationwide survey of 3,000 adults in the United States aged 18 to 65 who had a household income of $40,000 or more.

Over the course of 2021, the study predicts a major expansion and diversification of the country's crypto investors. As many as 63 percent of respondents described themselves as crypto-curious, indicating that they do not currently own cryptocurrency but are interested in learning more or intend to purchase cryptocurrency in the near future.

Read more about: bitcoin bitcoin prices bitcoins
Story first published: Wednesday, April 21, 2021, 17:52 [IST]
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