Possible Obstacle News Today : Breaking News, Live Updates & Top Stories | Vimarsana

By Joanna Ossinger
Strategists are struggling to see a turnaround ahead for Bitcoin, at least for now, as the digital coin hovers around the $30,000 level.
The near-term setup is “challenging,” a JPMorgan Chase & Co. team including Josh Younger and Veronica Mejia Bustamante wrote in a note Friday, while Fundstrat Global Advisors LLC’s David Grider recommended reducing risk or buying some protection.
The JPMorgan team said blockchain data suggests recent cryptocurrency sales were made to cover losses and that “there is likely still an overhang of underwater positions which need to be cleared through the market.”
Bitcoin has halved from a peak near $65,000 in April, hurt by a cryptocurrency clampdown in China, tightening regulatory scrutiny elsewhere and concerns that the servers underpinning the virtual coin consume too much energy. The prospect of reduced emergency stimulus amid the recovery from the pandemic has also emerged as a possible obstacle for th ....

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