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With the asset falling in value for much of this week, JP Morgan has recently stated that Bitcoin is still overbought despite the ongoing correction. Indeed, Spot Bitcoin ETF inflows have faced a slowing pace over this week. Moreover, outflows from the investment vehicles have increased significantly over that same time frame.

 

 

 

The bank said that the asset could see profit-taking continue into the Bitcoin Halving Event. Currently, the asset is down more than 4% over the last 24 hours according to CoinMarketCap. Subsequently, its price of $64,285 is a far cry from the $73,000 mark it reached earlier in March.

 

 

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