One of the largest American banks, JP Morgan, said that it is going to open the first bitcoin fund in the world, which will be actively managed by the bank itself. According to the bank, several companies offer similar services (purchase, storage) at the moment, but none of the well-known companies offer the management of already purchased coins. This service will be available to a limited number of the bank's customers, and the product itself may become available as early as this summer. Earlier, the financial conglomerate filed documents with the US Securities and Exchange Commission in order to create a new basket of shares of those companies that are related to the cryptocurrency market. Thus, the largest banks and financial organizations continue to try to keep up with the times and believe that bitcoin will occupy an important place in the financial system of the future. However, many of these banks and corporations themselves do not risk anything, as they do not invest in bitcoin, but only provide such an opportunity to their customers.
Let's take a look at the hourly time frame. There is a clear downward trend line, which has at least three points of support. Yesterday, we assumed that the bitcoin quotes could reach this line within the next day. At the moment, the development has not yet happened, but bitcoin has come as close as possible to this line. Thus, first, a rebound from the trend line can trigger a new round of decline, and overcoming it - the completion of the correction and the resumption of the upward trend. So, the fate of bitcoin for the next couple of weeks may be decided today. Secondly, upon approaching the trend line, the bullish fuse has dried up a little, which speaks in favor of a very likely turn down and the resumption of the fall of bitcoin quotes. We continue to focus on the fact that there was no positive news either for bitcoin or for the entire cryptocurrency market on Monday or over the weekend. It is true that bitcoin can become more expensive without a fundamental background, but now there are not even simple messages like "institutions have started buying again". Therefore, everything should be decided in the coming days near the trend line on the hourly time frame. Also, at this time, it seems like there is a decrease in the hype around the first cryptocurrency. The news flow has decreased in recent days, which may indicate a decline in the popularity of bitcoin. According to the latest data, the cryptocurrency dominance index has fallen below 50%. This suggests that more and more altcoins are attracting the attention of investors and traders, and bitcoin is now too expensive for many traders and investors. Other cryptocurrencies show no less growth in the long run.
