JP Morgan analysts warn Bitcoin is in the overbought zone.
JPMorgan analysts, led by global strategist Nikolaos Panigirtzoglou, warned that #Bitcoin remains in “overbought” territory despite the crypto asset's recent decline in price.
JP Morgan analysts further warned that the recent slowdown in Bitcoin exchange-traded fund (ETF) inflows casts doubt on the market's optimistic predictions of a year-end price rise.
After weeks of inflows, 10 spot bitcoin ETFs that began trading in early January saw outflows last week as the Grayscale Bitcoin Trust (GBTC) continued to experience significant outflows.
On the other hand nine spot bitcoin ETFs, excluding Grayscale's GBTC, raised USD 1.3 billion in BTC in six days.
While the famous book author Robert Kiyosaki stated that Bitcoin is the perfect asset.
He even criticized the government with sarcasm "Our leaders don't know how to control the growth of US government debt and the US bond market, as well as the overly inflated stock market," said Kiyosaki.
“They have deceived the American people and the entire world,” he said.
Bitcoin/USD technical analysis today
If you look at Bitcoin's moving average this week, the price tends to move below $70k. It appears that for three days Bitcoin's movement formed a Doji candle idea.
Bitcoin fell 1.43% today, data from Coinmarketcap at a price range of Low $68,381.93 and High $71,727.68.
The Fear and Greed Index shows a value of 81 market is extreme greed.
The technical summary of indicators and moving averages by Investing produces a Neutral signal today.
On Ticktrader FXOpen the price moves slightly above the middle band line and forms an indecision candle. Bollinger bands draw flat lines and narrow, indicating reduced market volatility.
MA 50, which is a lagging indicator, is below the lower band forming an upward channel indicating an uptrend market.
The RSI indicator on the daily timeframe shows level 58, meaning the price is moving above the uptrend level.
Bitcoin's movement has experienced turbulence on the way to the price reaching a new ATH on March 14 yesterday.
Bitcoin price was challenged with a drop in the low $60k level. Maybe the market is still waiting for the Bitcoin halving which will reduce miner rewards.
Support and resistance
S3: 68140.3
S2: 68396.2
S1: 68628.6
PP: 68884.5
R1: 69116.9
R2: 69372.8
R3: 69605.2