Managing Director at J.P. Morgan Nikolaos Panigirtzoglou noted that if Bitcoin's price doesn't go back $60.000 in the near term, the further fall will be more probable.
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Strategists of the institution stated that during the last several days, Bitcoin futures markets have seen a large liquidation as the ones that happened last February, in the middle of last January, or the end of last November.In those cases the flow trend was strong and the leading crypto managed to recover and cross new highs.
J.P Morgan analysts say although there is a likelihood that the situation will repeat, this time momentum decay appears to be deeper and more difficult to overturn. They also noted that flows into BTC funds also seem weak.On April 14, Bitcoin reached a new high surpassing $64.860. However, not reaching $65.000, the price started to fall. At the moment Bitcoin trades at around $54900. Its market cap stands above $1 trillion.