JPMorgan Chase strategist warns that Bitcoin’s short-term setup is challenging

Bitcoin (Bitcoin) The weekend’s dance between $30,000 and $34,000 seems to reinforce the short-term uncertainty narrative, as JP Morgan Chase strategists believe that the cryptocurrency market is not yet healthy.

Friday notes from the JPMorgan Chase team Suggest The recent setup of Bitcoin still looks challenging. According to on-chain data, JP Morgan Chase strategists said, “There may still be a large number of underwater positions that need to be cleared through the market.”

JPMorgan Chase cited the stability of the Bitcoin futures market and the possibility of increased production costs caused by the migration of miners from China as positive factors.Bitcoin’s production cost has always been linked to its price. There are several analysis Performance. Therefore, the price increase of mining costs may boost the price of Bitcoin.

The note shows that the cryptocurrency market seems to be at the beginning of the healing process, but it is not very healthy yet. According to Bloomberg, Fundstrat’s David Grider suggested reducing the risk or buying some protective measures.

related: Due to the possibility of exiting to the range of around $40,000, Bitcoin rebounded from $30,000

After JP Morgan Chase released the report, the $30,000 that was considered a key support level rebounded.This Bitcoin price drops to $30,070 According to the data from, before the rapid recovery to 33,445 US dollars over the weekend Cointelegraph Markets Pro with Transaction view.

Over the weekend, Mexico’s third richest person, Ricardo Salinas Pliego, made a positive statement about the largest cryptocurrency. Name Bitcoin the new goldAs of Monday morning, prices have climbed above 35,000.