JPMorgan is said to be pitching an in-house Bitcoin ( $60,115.00 ) fund to its clients.
While JPMorgan CEO Jamie Dimon remains skeptical, he has expressed an interest in satisfying institutional investors.
Meanwhile, Bitcoin ( $60,115.00 ) is on the verge of a massive price movement.
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Institutional interest in Bitcoin ( $60,115.00 ) is on the rise, with JPMorgan reportedly looking to launch an in-house Bitcoin ( $60,115.00 ) fund for wealthy clients. Meanwhile, the charts show that BTC is at a make-or-break point.
JPMorgan Allows Crypto Exposure
JPMorgan has reportedly taken another clear step towards Bitcoin ( $60,115.00 ) adoption.
According to a recent Coindesk report, the American multinational investment bank is pitching an in-house Bitcoin ( $60,115.00 ) fund to its wealthy customers. The firm allegedly partnered with NYDIG to develop “the safest and cheapest Bitcoin ( $60,115.00 ) investment vehicle” available on the private markets.
Reports of JPMorgan’s plans to launch a Bitcoin ( $60,115.00 ) fund first surfaced in late April. The investment bank has begun to take more of an active interest in the cryptocurrency space this year, prompted by growing mainstream interest in the technology and increasing institutional adoption.
Although Crypto Briefing is yet to see an official statement from JPMorgan, CEO Jamie Dimon hinted in May that the company was looking to meet its clients’ demand. Dimon affirmed that while he wasn’t a Bitcoin ( $60,115.00 ) supporter, institutional investors have shown interest in the asset class.
The reports of JPMorgan’s new private fund come as Bitcoin ( $60,115.00 ) sits at a make-or-break point.
The leading cryptocurrency is struggling to claim $40,000 as support, which will be essential if it’s to continue its uptrend. BTC must slice through this barrier, represented by the 100-day moving average, to target higher highs.
Failing to do so could lead to a catastrophic outlook for the bulls.
Bitcoin ( $60,115.00 ) Develops Trend Reversal Pattern
Bitcoin ( $60,115.00 ) ’s daily chart shows a head-and-shoulders pattern that has been developing since the beginning of the year. A spike in selling pressure around the current price levels could see BTC fall toward the 50-day moving average at $35,000 or the pattern’s neckline at $29,500.
Based on the head-and-shoulders formation, a break of the $29,500 support may be followed by a nearly 55% downswing to June 2019’s high of $13,900. This bearish target is determined by measuring the height between the pattern’s head and neckline and adding that distance down from the breakout point.
Despite the bearish worst-case scenario, on-chain data suggests such a steep decline might not be possible. Behavior analytics platform Santiment shows that over 120,000 BTC, worth roughly $4.68 billion, have left known cryptocurrency exchanges wallets since Jul. 26. As the number of tokens on exchanges available to sell decreases, so does the downward pressure behind the asset.
If the bulls are to take control of Bitcoin ( $60,115.00 ) ’s price action, they must claim the 100-moving average at $40,000 as support and push prices above the 200-day moving average at $45,000. Such an upswing would likely invalidate the head-and-shoulders pattern and lead to a retest of the $65,000 all-time high.
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