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Bitcoin Continues to Struggle but Traders Are Bullish on this Token
The post Bitcoin Continues to Struggle but Traders Are Bullish on this Token appeared on BitcoinEthereumNews.com. This article was paid for* Bitcoin is amidst a consolidation zone and has pulled back 3.3% today, currently trading at $60.7K. Let’s take a look at the reasons behind Bitcoin’s current stagnation. Bitcoin Dives Despite JP Morgan U-Turn, Analyst Warns of Further Sideways Action After infamously snubbing Bitcoin spot ETFs in January, JP Morgan has U-turned after disclosing Bitcoin ETF holdings in a recent filing. The cumulative ETF holdings are limited to $1.2 million per year, but it illustrates the growing acceptance of Bitcoin among institutions and even among its most vocal naysayers. Moreover, JP Morgan is not the only new institution interested in Bitcoin today. The United States’ third-largest bank, Wells Fargo, has also disclosed holdings. But despite the growing Bitcoin adoption among institutional heavyweights, the BTC price has remained stagnant. Prominent trader HORSE highlighted this phenomenon and alluded to a potential bearish scenario that could take place. “When good news has no effect… It’s not too late to book that late spring into summer vacation, friends,” he wrote on X. The analyst was referring to the “Sell in May and go away” investment strategy, which has been popularized on X in the lead-up to May. The theory suggests that the summer months are generally flat with low volatility, so staying out of the market can help protect cash. That said, other traders retain a more bullish outlook on the market leader’s upcoming price trajectory. For instance, Mister Crypto noted that Bitcoin had made a “perfect retest” after breaking a trendline resistance. This lays the way for further upside movement, although the analyst did not provide a price target. However, taking a long-term outlook, renowned commentator Jelle anticipates Bitcoin will advance toward $180K in this cycle, citing that it is trading inside a higher-time-frame “Megaphone pattern.” As such, Bitcoin’s…
The post Bitcoin Continues to Struggle but Traders Are Bullish on this Token appeared on BitcoinEthereumNews.com.
This article was paid for* Bitcoin is amidst a consolidation zone and has pulled back 3.3% today, currently trading at $60.7K. Let’s take a look at the reasons behind Bitcoin’s current stagnation. Bitcoin Dives Despite JP Morgan U-Turn, Analyst Warns of Further Sideways Action After infamously snubbing Bitcoin spot ETFs in January, JP Morgan has U-turned after disclosing Bitcoin ETF holdings in a recent filing. The cumulative ETF holdings are limited to $1.2 million per year, but it illustrates the growing acceptance of Bitcoin among institutions and even among its most vocal naysayers. Moreover, JP Morgan is not the only new institution interested in Bitcoin today. The United States’ third-largest bank, Wells Fargo, has also disclosed holdings. But despite the growing Bitcoin adoption among institutional heavyweights, the BTC price has remained stagnant. Prominent trader HORSE highlighted this phenomenon and alluded to a potential bearish scenario that could take place. “When good news has no effect… It’s not too late to book that late spring into summer vacation, friends,” he wrote on X. The analyst was referring to the “Sell in May and go away” investment strategy, which has been popularized on X in the lead-up to May. The theory suggests that the summer months are generally flat with low volatility, so staying out of the market can help protect cash. That said, other traders retain a more bullish outlook on the market leader’s upcoming price trajectory. For instance, Mister Crypto noted that Bitcoin had made a “perfect retest” after breaking a trendline resistance. This lays the way for further upside movement, although the analyst did not provide a price target. However, taking a long-term outlook, renowned commentator Jelle anticipates Bitcoin will advance toward $180K in this cycle, citing that it is trading inside a higher-time-frame “Megaphone pattern.” As such, Bitcoin’s…
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