Bitcoin is still "overbought," according to analysts at JPMorgan Bank.

As halving approaches, investors will continue to lock in profits.

The situation in the futures market, in their opinion, indicates that bitcoin is in the "overbought zone", and the situation was not corrected even by the correction after the rate went to the maximum.

The slowdown in capital inflows into spot bitcoin ETFs casts doubt on the optimistic outlook justified by activity in U.S. exchange-traded funds, the bank said. For the fourth day in a row, there has been a net outflow of investor funds from 10 spot ETFs, with capital inflows into the leading funds falling market.