Although Bitcoin might close May in the red, it has sightly recovered from its low of USD 25,000. Amid the decline in the price, JPMorgan told its clients that BTC should be worth at least USD 38,000.

Besides an imminent close of May in the red, Bitcoin (BTC) recently set a record of nine consecutive bearish weeks. However, the behavior of its price has remained stable for more than two weeks. In that period, the price has unsuccessfully tried to break through resistance at USD 30,000.

The relative price stability maintains a level close to USD 29,000 and has tested the 200-week EMA only once this year. That curve is a support level for the price that currently marks USD 27,140, while Bitcoin is trading at around USD 29,014.

The Bitcoin price recently set a negative record of 8 consecutive weeks to the downside. However, it has slightly recovered from the low of USD 25,000 reached on May 12th. Over the last week, it has accumulated a 3% loss, indicating that it could record another week in the red.

Bullish and Bearish Traders Are at Risk of Losing Money

In a recent liquidation of positions for USD 349 million, most were short positions. The settlements took place due to a slight rebound in the price of the pioneering cryptocurrency. Traders seemed to be expecting a further drop in the value of Bitcoin, but a rise took them by surprise.

After that, the scenario was quite the opposite, as higher liquidations of over USD 427 million corresponded to long positions. No one is a winner at that stage of the Bitcoin cycle, as both bullish and bearish traders may lose their funds.

There Might Already Be a Recession in the United States

Peter Schiff, the founder of Euro Pacific Capital, believes there is already a recession in the United States that will be worse than in 2008. After growing for four consecutive quarters in 2021, the gross domestic product (GDP) dropped by 1.4% in the first quarter of 2022.

There would have to be a new drop in the GDP in the current quarter to confirm the recession. The economist explained that the crisis underway would be worse due to a much higher public debt.

Fortune Includes Coinbase among the 500 Highest-Earning Companies

For the first time, a cryptocurrency company has entered the list of the 500 highest-earning American companies in the business magazine Fortune. This unprecedented event occurred amid the current global market landscape and the tail end of the COVID-19 pandemic.

The Coinbase exchange occupies 437th place on the list led by Walmart, Amazon, and Apple, considering their income in 2021. That was an excellent year for the platform, which had revenue of USD 7,839 million and a market capitalization of 41,670 million.

Investment Bank JPMorgan Considers that Bitcoin Should Be Worth More

American multinational investment bank JPMorgan told its clients that the fair price of Bitcoin should be USD 38,000. The financial institution predicts that Bitcoin and the overall cryptocurrency market will recover. They say that digital assets should replace real estate as an alternative asset class in investment portfolios.

BTC is trading at around USD 30,635 and has accumulated a 4.5% gain over the last 24 hours. While its daily trading volume is above USD 26 billion, its market capitalization is about USD 583.89 billion, according to CoinGecko.

By Alexander Salazar

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