Cryptocurrency Market Update: JP Morgan surprise bullish flip on Bitcoin and cryptocurrencies

Bitcoin and other major cryptocurrencies consolidating losses after the rejection from key resistance levels.
Wall Street bank, JP Morgan flips narrative and becomes bullish on Bitcoin and cryptocurrencies as an asset class.

Bitcoin, Ethereum, and Ripple are all in the red on Saturday during the European session. All the major cryptocurrencies have been forced to deal with increased selling pressure following the failure to clear critical resistance levels earlier in the week. Bitcoin stalled short of $10,000, Ethereum lost steam at $250 while Ripple could not break the seller congestion zone at $0.21.

BTC/USD is currently trading at $9,416 after adjusting 0.55% from the opening value of $9,463. A high has been established at $9,474 while on the downside, an intraday low has been traded at $9,362. For now, the main goal is to first defend the support at $9,400 as discussed earlier in the price analysis. Consequently, advance above $9,500 is likely to pave the way for gains targeting $10,000.

Ethereum’s price performance is not different from Bitcoin’s. There has been a notable recovery from the weekly low at $225. Unfortunately, attempts to break the resistance at $240 have been unyielding. Ether is valued at $236 at the time of writing. The intraday high at $237 is the immediate hurdle. It is apparent that gains above $240 would give the bulls a chance to shift the focus to $250. Note that $240 was significant support this week.

The fourth-largest cryptocurrency, Ripple is down 0.81% on the day. It is exchanging hands at $0.1914. Bulls are currently forced to deal with a rapidly growing selling activity, jeopardizing the support at $0.19. If losses continue under $0.19, $0.1850 (this week’s support) will come in handy to stop the losses. For Ripple, gains towards $0.20 could remain limited the entire weekend session.

JP Morgan flips bullish on Bitcoin

JP Morgan, a leading investment bank in the world has shockingly changed from its usual negative stance on Bitcoin. The Wall Street bank has in the past openly criticized Bitcoin to the extent of labeling it a “fraud.” In a surprise twist, JP Morgan now says that Bitcoin is looking “mostly positive” while digital assets on a wider scale have “longevity as an asset class.” A report by JP Morgan analysts reckons that:

Though the [Bitcoin] bubble collapsed as dramatically as it inflated, Bitcoin has rarely traded below the cost of production, including the very disorderly conditions that prevailed in March.

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