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Bitcoin Price Hits Resistance at $9,050? JP Morgan Tells Clients Stay Clear

Written by:
Aaron Goldstein
Published on:
May/01/2020

The price of Bitcoin continued to soar this week, reaching over $9000 ahead of Friday.  The price Friday morning hovered around the $8800 mark.

After what appeared to be a mass profit-taking exercise during its trip to $9,450 this week, Bitcoin once again surged higher after tanking $1,000.

“I'm truly, truly impressed,” Cointelegraph analyst Michaël van de Poppe tweeted about Friday’s performance.

Van de Poppe had previously said that he saw resistance kicking in at a maximum of $9,400, with a support floor at $8,200 in the event of a market drop.

“First significant resistance hit,” he added as $9,000 briefly reappeared.

Range still structured after that bounce from $8,400. Break above $9,000-9,050 and I'm aiming for $9,300-9,400 again for potential shorts.

JP Morgan and Goldman Sachs are advising their clients to stay clear of Bitcoin.

“I have a client who was ready to buy bitcoin and after talking to his Advisors at JPM & GS told me he’s not interested anymore,” explained Adam Pokornicky, partners at DAIM. “I asked what they and instead of answering, he asked me to explain in one sentence what the benefits are to buying BTC now in terms of proven results.”

- Aaron Goldstein, Gambling911.com

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