JPMorgan: Bitcoin sell-off may not be over yet, still in an overbought state

ChainCatcher news, according to CoinDesk, Bitcoin's price fell 15% over the past week and then rebounded after Wednesday's FOMC meeting. JPMorgan Chase (JPM) stated in a research report on Thursday that the sell-off may not be over, as positions still appear to be overbought.

Nikolaos Panigirtzoglou noted that the market remains quite optimistic about the prospect of a significant price increase before the end of the year, with one important component of this optimism being that even though Bitcoin supply will decrease after the halving, demand for Bitcoin through ETFs will continue to be sustained at the same pace.

However, the net inflow rate of spot Bitcoin ETFs has significantly slowed, with a large outflow of funds occurring over the past week. In fact, as the halving approaches, this profit-taking is more likely to continue.