{"id":285497,"date":"2021-06-28T11:08:29","date_gmt":"2021-06-28T08:08:29","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-short-term-setup-is-challenging-jpmorgan-strategists-warn\/"},"modified":"2021-06-28T11:08:29","modified_gmt":"2021-06-28T08:08:29","slug":"bitcoin-short-term-setup-is-challenging-jpmorgan-strategists-warn","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-short-term-setup-is-challenging-jpmorgan-strategists-warn\/","title":{"rendered":"# Bitcoin short-term setup is challenging, JPMorgan strategists warn"},"content":{"rendered":"

“# Bitcoin short-term setup is challenging, JPMorgan strategists warn <\/strong>”
\n<\/p>\n

Bitcoin\u2019s (BTC) weekend dance between $30,000 and $34,000 seems to strengthen the short-term uncertainty narrative, as JPMorgan strategists believe the cryptocurrency market is not yet healthy.<\/p>\n

A Friday note from the JPMorgan Chase team suggested<\/a> that the near-term setup for Bitcoin still looks challenging. Based on the on-chain data, JPMorgan strategists said that \u201cthere is likely still an overhang of underwater positions which need to be cleared through the market.\u201d <\/p>\n

JPMorgan lists the Bitcoin futures market\u2019s stability and the possibility of increased production costs due to miners\u2019 migration from China as positive factors. Bitcoin\u2019s cost of production is historically tied to its price, several analyses<\/a> show. So, a price bump in the cost of mining may have a booster effect on Bitcoin price.<\/p>\n

The note suggests that the cryptocurrency market app<\/a>ears to be at the beginning of a healing process but is not quite healthy yet. Fundstrat\u2019s David Grider recommended reducing the risk or buying some protection, according to Bloomberg.<\/p>\n

Related: Bitcoin bounces off $30,000 amid the possibility of exit to mid-$40K range<\/em><\/strong><\/p>\n

A bounce off $30,000, which is seen as a critical support level, came after the JPMorgan note. The\u00a0Bitcoin price dove to $30,070 before quickly recovering to $33,445 over the weekend, according to data from Cointelegraph Markets Pro and TradingView<\/a>. <\/p>\n

The weekend saw a positive statement for the biggest cryptocurrency from Ricardo Salinas Pliego, Mexico\u2019s third-richest man, who named Bitcoin the new gold. The price climbed above 35,000 as of Monday morning.<\/p>\n