Bitcoin’s Price Must Pass $40K to Halt Exodus of Traders: JPMorgan Analysts.

[Malam90]

A bearish outlook may be triggered if bitcoin doesn't claw its way back over $40,000, the analysts said.
JPMorgan analysts see $40,000 as a key bitcoin battleground that bullish traders need to retake in order for the cryptocurrency’s meteoric rise to continue.

According to a report by Bloomberg on Monday, unless bitcoin (BTC, +2%)‘s price can break out above $40,000 the cryptocurrency could see further downside.

Greater input from the multi-billion dollar bitcoin trust owned by digital asset manager Grayscale Investments is needed to sustain prices above that key level, according to JPMorgan’s strategists and Nikolaos Panigirtzoglou, its global market strategy head. The analysis also took into account demand for bitcoin futures. News source