Bitcoin Is Facing Down “Modest” Headwinds: JP Morgan Analysis

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Bitcoin has gained approximately $1,000 from last week’s low of $10,400 as the coin now trades just shy of $11,400. At the highs set on Tuesday, the cryptocurrency traded as high as $11,750. The cryptocurrency has faced a slight retracement as the U.S. dollar has bounced after a strong drop. While some think that this is just a short-term setback, JP Morgan sees Bitcoin slipping further in the near term. They say that the cryptocurrency faces a “modest headwind” in the short term. Most analysts, though, are convinced that the long-term trend for Bitcoin remains positive. Bitcoin Is Facing Down “Modest Headwinds” in the Near Term Bloomberg Quint reports that JP Morgan analysts are currently bearish on Bitcoin. Citing a research note released recently, the firm noted that the asset faces modest headwinds in the short term” based on an analysis of bets in the futures market and an estimate…

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