JPMorgan warns of overbought bitcoin as spot ETFs see outflows

According to JPMorgan, bitcoin is still overbought and profit-taking could continue leading up to the halving event. The past week saw a significant outflow in spot ETFs, which challenges the idea of sustained net inflows. Despite the recent correction, positioning still looks overbought and the bank predicts that profit-taking will continue as the halving event approaches. The quadrennial reward halving, which cuts miners' rewards in half, is expected in mid-April.