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JPMorgan predicts a bullish rebound for Bitcoin in August, despite recent intense corrections and market volatility.JOIN CRYPTOS HEADLINES<a href="https://t.me/CryptosHeadlines" rel="noopener noreferrer nofollow">TELEGRAM CHANNEL</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/b0489cda737e41899dd0926f490561a3.svg&#43;xml" />The bank has adjusted its year-to-date crypto net flow estimate from $12 billion to $8 billion. Technical indicators show continued bearish pressure, with Bitcoin needing to break above the $60,000 resistance level for a bullish reversal.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/36c15b77dd5e49eca29a5b59086517b2.png" /><h3 id="jpmorgan-forecasts-bullish-bitcoin-rebound-in-august">JPMorgan Forecasts Bullish Bitcoin Rebound in August</h3><a href="https://cryptosheadlines.com/jpmorgan-research-report-survival-depends-on-mining-companies/" rel="noopener noreferrer nofollow">JPMorgan has released a research report</a> predicting that Bitcoin is set for a bullish rebound in August. Despite the intense correction, the banking giant sees light at the end of the tunnel.One key point in JPMorgan’s report is the expectation that the wave of crypto liquidations plaguing the market will subside this month.The bank has revised its year-to-date crypto net flow estimate from $12 billion down to $8 billion. This adjustment is based on recent trends and data, providing a more accurate picture of the current market conditions.JPMorgan admitted that its prior estimate of $12 billion was overly optimistic, pointing out that <a href="https://cryptosheadlines.com/coingeckos-bitcoin-production-costs-in-the-us/" rel="noopener noreferrer nofollow">Bitcoin’s price was significantly higher than its production cost</a> and even the price of gold, making $12 billion unrealistic.The $8 billion estimate reflects a more grounded approach to understanding Bitcoin’s market. At press time, BTC was worth $57,290, a significant decrease from its March all-time high of $73,737.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/36c15b77dd5e49eca29a5b59086517b2.png" /><img src="https://academy-public.coinmarketcap.com/optimized-uploads/4d1db873a8ac430e8ba281149675d826.webp" />Source: TradingView<h3 id="technical-indicators-signal-continued-bearish-trend-for-bitcoin">Technical Indicators Signal Continued Bearish Trend for Bitcoin</h3>The OBV Oscillator shows a negative value, indicating that selling pressure is stronger than buying pressure. The MACD line is below the signal line, and both are in negative territory, presenting another clear bearish signal.<a href="https://cryptosheadlines.com/analyst-willy-woo-predicts-bitcoin-may-drop-to-47k-amid-market-correction/" rel="noopener noreferrer nofollow">Also Read: Analyst Willy Woo Predicts Bitcoin May Drop to $47K Amid Market Correction</a>Additionally, the RSI is below the neutral level, sitting at 36.69, pointing to a continued bearish trend. If Bitcoin’s price fails to break above the immediate resistance level at $60,000, further declines towards the support level at $53,000 are likely.The strong negative OBV and MACD indicate high selling pressure, making it probable for the price to test lower support levels. For a bullish reversal, <a href="https://cryptosheadlines.com/btc-breaks-30000-resistance-with-10-billion-inflow-new-bull-market-beginning/" rel="noopener noreferrer nofollow">BTC needs to break above the $60,000 resistance</a> level and sustain above it.A bullish crossover in the MACD and an increase in the RSI towards the neutral level would be necessary to confirm an upward spike. If buying volume increases significantly, we might see a test of the upper Fibonacci band around $76,000.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/0c5cc81c575941529a6fcbf4ac4ec5bc.png" />Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

JPMorgan Predicts Bullish Bitcoin Rebound in August

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