JPMorgan says there is weak demand for bitcoin from big investors and this will keep it in a bear market

JPMorgan says there is weak demand for bitcoin from big investors and this will keep it in a bear market

Source www.cnbc.com The bitcoin futures curve is in so-called backwardation, meaning the current spot price of bitcoin is higher than that of the futures contracts. This is happening for the first time since 2018, the quantitative analyst said, and is a signal of the lack of interest from the institutional buyer.

A bitcoin bear market could be on the way as the demand from big investors to support the cryptocurrency — a key narrative of the bulls — is just not there, according to JPMorgan analyst Nikolaos Panigirtzoglou.

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