Bitcoin (BTC) Validation as Jamie Dimon’s Sentiment Shift

Dalmas Ngetich

1 year ago

2 mins read

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Bitcoin prices ranging with clear supports at $3,400-500 zone
JP Morgan and Chase rolls out a stable coin, JPM
Transactional volumes average 10k, not enough to trigger buyers into action

With the release of a banker’s stable coin, JPM Coin, crypto is technically valid. As such, we expect more bankers to follow suit endorsing the tech. That may help resuscitate Bitcoin (BTC) prices and lift them above $3,800 complete with high market participation.

Bitcoin (BTC) Price Analysis

Fundamentals

Eventually, everybody does go down the endless rabbit hole call crypto. Many no-coiners are back, retracting their earlier comments and finding a corner in the ever-accommodating crypto ship. The technology is still in shallow waters, the journey promises to be extended (if not turbulent), and JPM Coin is the latest stable coin soldier to join the ranks.

It got many by surprise and as Jamie Dimon’s bank finally realizes that the underpinning tech is here to stay. The announcement is also an endorsement to crypto and their realization that re-adjustment of their business model is the only way for them to maintain and rebuff competition.

Ordinary traders won’t use the coin as JPM will specifically find use in bank-to-bank settlements. All the same, the entry of big businesses like JP Morgan is a big plus, legitimizing everything that crypto holders have always insisted on—speed, efficiency, and control.

BTC/USD Price Analysis

Still, Bitcoin (BTC) prices are flip-flopping, and even with a defined short-term trend, buyers cannot muster enough momentum. Towing in line with all our last BTC/USD price analysis is the need for market participation. A simple glance into the volumes charts and it is clear that something is lacking. Firstly, note that the failure of prices to inch higher is due to shrinking volumes.

Compared to mid-Dec 2018 highs of around 30k, recent averages are wallowing at about 10k. That’s a 66 percent decrease and a significant cause for this horizontal accumulation inside Feb 8 high low. Technically, prices are trading inside a double bar bull reversal pattern within a larger bear breakout pattern with resistance at $6,000.

Triggers are at $3,800, $120 away from current rates. Therefore, even if we are net bullish, we need to see a shift in momentum and consequent confirmation of our bullish stance as prices rally above $3,800.

Technical Indicators

Volumes are low, and as aforementioned, it has been negative sloping over the last 50 days or so. Because of low averages—around 10k, prices are in range mode, and for validation of our immediate triggers, bulls must thrust prices above $3,800 with high volumes exceeding 32k of Feb 8.

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.