Bitcoin Price Prediction: Price Still Far Short of Recovery Levels

Following Bitcoin’s surge yesterday, the BTC/USD pair has had a muted showing on the day. However, the Bitcoin price prediction bets, which were heavily bearish some days ago may have started to turn even as JP Morgan opens access to its Bitcoin and Ethereum funds to its retail wealth management clients.

JP Morgan Chase is taking a different route to this offering, providing access to clients who would not ordinarily qualify as high net-worth individuals. CEO Jamie Dimon, himself a resolute bear, indicated a demand among clients for Bitcoin-associated products, which was why the bank was offering them.

BTC/USD is 0.81% higher on the day as of writing, following Wednesday’s 7.9% climb.

Technical Outlook for BTC/USD

The Bitcoin price move for the day looks to cement Wednesday’s closing penetration above the 31897 price mark. A successive close above this level confirms the breakout, putting the channel’s upper border at risk. If this border gives way, 34445 and 36000 (4 July 2021 high) become the next targets in line. Additional upside targets lie at 37895 and 40137, but bullish recovery following the recent correction only begins above 42000.

On the other hand, a lack of buying momentum could cause the 31897 support to give way, which allows the price to continue the slide towards 29961. A breakdown of this level opens the pathway towards 27594 and 24020. 

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BTC/USD Daily Chart

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