The expected sale of shares in the influential Bitcoin Fund will increase pressure on the global top cryptocurrency, according to a report released by Bloomberg on Thursday.
In the last month, the selloff of Bitcoin has been fueled by weak market flows and price dynamics.
NiKolaos Panigirtzoglou, JP Morgan Strategist stated the sale of Grayscale Bitcoin Trust lockup ending would increase trouble for Bitcoin.
In the past few days, Bitcoin remains under significant pressure dropping to less than $30,000 as energy use concerns persist and China continues crackdown on miners.
Despite some slight correction, JP Morgan strategists still maintain their negative outlook for Bitcoin and crypto markets. The current fair value of Bitcoin depending on its volatility ranges from $23,000 to $35,000.