Bitcoin to Make-or-Break Amid JPMorgan Fund Reports

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Key takeaways JPMorgan would offer an internal Bitcoin fund to its clients. While JPMorgan CEO Jamie Dimon remains skeptical, he has expressed interest in satisfying institutional investors. Meanwhile, Bitcoin is on the verge of a massive price move. Share this article

Institutional interest in Bitcoin is on the rise, with JPMorgan apparently looking to launch an internal Bitcoin fund for high net worth clients. Meanwhile, the charts show that BTC is at a crossroads.

JPMorgan clears crypto exposure

JPMorgan is said to have taken another clear step towards adopting Bitcoin.

According to a recent report by Coindesk, the US multinational investment bank offers an internal Bitcoin fund to its high net worth clients. The company is said to have partnered with NYDIG to develop “the safest and cheapest Bitcoin investment vehicle” available in private markets.

Reports of JPMorgan’s plans to launch a Bitcoin fund first surfaced in late April. The investment bank has started to take a more active interest in the cryptocurrency space this year, driven by the growing mainstream interest in technology and the growing adoption of institutions.

Although Crypto Briefing has yet to see an official statement from JPMorgan, CEO Jamie Dimon hinted in May that the company was looking to meet customer demand. Dimon claimed that although he was not a supporter of Bitcoin, institutional investors have shown interest in the asset class.

Reports from JPMorgan’s new private fund come as Bitcoin is at a crossroads.

The major cryptocurrency is struggling to claim $ 40,000 in support, which will be key to continuing its uptrend. BTC needs to break through this barrier, represented by the 100-day moving average, to target higher highs.

Failure to do so could lead to catastrophic prospects for the bulls.

Bitcoin is developing a trend reversal pattern

Bitcoin’s daily chart shows a head-and-shoulders pattern that has been developing since the start of the year. A spike in selling pressure around current price levels could see BTC drop towards the 50-day moving average at $ 35,000 or the model’s cleavage at $ 29,500.

Based on head and shoulder formation, a breakout of $ 29,500 support could be followed by an almost 55% drop to the June 2019 high of $ 13,900. This bearish target is determined by measuring the height from the head to the neckline of the pattern and adding this distance from the break point.

Source: TradingView

Despite the worst bearish scenario, on-chain data suggests such a decline may not be possible. The behavior analysis platform Santiment shows that more than 120,000 BTC, worth around $ 4.68 billion, have left known cryptocurrency exchange wallets since July 26. As the number of tokens on the exchanges available for sale decreases, the downward pressure behind the asset also decreases.

If the bulls are to gain control of Bitcoin’s price action, they must claim the $ 100-40,000 moving average as support and push the price above the 200-day moving average at $ 45,000. Such a recovery would likely invalidate the head-and-shoulders pattern and lead to a retest of the $ 65,000 record.

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