The cryptocurrency market is still dominated by bearish sentiment.
The risks of a new Bitcoin rollback periodically increase according to a study by JPMorgan investment bank analysts. They do not exclude that the result of the negative trend that we have been observing over the past few weeks will be a drop in the BTC rate to $ 25,000.
A factor that will increase the pressure on the market may be the sale of funds from the Grayscale bitcoin trust. The six-month holding period for assets in this fund is nearing completion, and investors will most likely try to compensate for their losses by selling cryptocurrencies.
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The fall to $ 25,000 is more than real. Even despite the recent rebound of bitcoin to $ 34,000. On the night of Friday, June 25, the largest digital currency is holding around $ 34,600. However, trading has moved into the red zone again.
The strengthening of the rate in the middle of this week is of a short-term nature, as the bears still control the market. Therefore, the likelihood of a deep fall now exceeds the chances of continued expansion, JPMorgan said in a report.
At the moment, the Grayscale bitcoin trust controls BTC for a total amount of up to $ 21.97 billion. In total, the company manages digital assets worth $ 29.5 billion.