Bingbon Chart

Source: TradingView& Bingbon

Considering Bitcoin managed to regain the $32,000 support recently, suggesting a successful test of bulls’ willingness to shift decline trend. The current downtrend channel might be reversed if the price breaks the $33,200 resistance. The changing move seems to be influenced by Elon Musk’s statement that he and his firm still hold Bitcoin. However, if bulls hold $32,000 as a solid support level, BTC must sustain an increase in both price and volume. Rising to $36,000 resistance in the next few days will be the first step for Bitcoin to return to the bull. Technical signals indicate a potential upside momentum of BTC is limited around the $34,800 strong resistance.

Today’s Headline

JPMorgan has become the first major US bank to provide access to bitcoin and other cryptocurrency funds for all of its wealth-management clients. JPMorgan now accepts orders to buy and sell five crypto products including Grayscale’s Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, Ethereum Classic products, and Osprey Funds’ Bitcoin Trust.

The service took effect on July 19, which applies to all JPMorgan clients, including self-directed clients using the Chase trading app, affluent clients of JPMorgan Advisors. The clients must firstly ask to trade crypto and in turn, the advisors can recommend these products. Top banks like JPMorgan usually operate by actively seeking out new tools for wealth management and control the wealth of billionaires such as Sergey Brin, Jack Ma, Bill Gates, and others. Data from Bloomberg indicates that crypto clients have seen a boom in the past years due to “tech billionaires”, which means cryptocurrencies are emerging as a new type of investment with a decent return.