Bitcoin shows weakness as JPMorgan says BTC sell-off is likely to continue

Bitcoin price is forming a falling wedge pattern on the 8-hour time frame amid ongoing profit booking and heightened volatility. JPMorgan anticipates a larger sell-off, saying BTC is still overbought despite the ongoing correction. Halving is out around four weeks, expected to kick-start the next bullish cycle, but the bank anticipates even more selling thereafter. Bitcoin price is trading with a bearish bias amid dwindling flows from the spot exchange-traded funds market.

” BTC call-put spread While JPMorgan anticipates even more profit booking post-halving, Barthere said, “The data we will watch is the release of the US March 2024 CPI report on April 10.” Bitcoin price outlook as JPMorgan anticipates more selling pressure Bitcoin price remains in a downtrend amid increasing bearish calls among investors. While it continues to hold above the ascending trendline, the market is strongly leaning toward the downside, and BTC price could extend the fall.

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