Bitcoin needs to top $60K soon to avoid momentum decay for several months - J.P. Morgan

Bitcoin (BTC-USD) is little changed today, down nearly 13% from the all-time high it hit a little more than a week ago.But the crypto will need to make a move back above $60,000 in short order to avoid a prolonged slump, J.P. Morgan says."Over the past few days bitcoin futures markets experienced a steep liquidation in a similar fashion to the middle of last February, middle of last January or the end of last November," strategists led by Nikolaos Panigirtzoglou write in a note today.It's likely that momentum traders like CTAs and crypto funds were "at least partly behind the buildup of long bitcoin futures in recent weeks and thus also the unwinding over the past few days," they add."If the bitcoin price fails to break out above $60k soon the momentum signals shown ... will naturally decay from here for several months, given their still elevated levels." (See JPM chart