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Bitcoin is amidst a consolidation zone and has pulled back 3.3% today, currently trading at $60.7K.

Let’s take a look at the reasons behind Bitcoin’s current stagnation.

Bitcoin Dives Despite JP Morgan U-Turn, Analyst Warns of Further Sideways Action

After infamously snubbing Bitcoin spot ETFs in January, JP Morgan has U-turned after disclosing Bitcoin ETF holdings in a recent filing.

The cumulative ETF holdings are limited to $1.2 million per year, but it illustrates the growing acceptance of Bitcoin among institutions and even among its most vocal naysayers.

Moreover, JP Morgan is not the only new institution interested in Bitcoin today. The United States’ third-largest bank, Wells Fargo, has also disclosed holdings.

But despite the growing Bitcoin adoption among institutional heavyweights, the BTC price has remained stagnant.

Prominent trader HORSE highlighted this phenomenon and alluded to a potential bearish scenario that could take place.

“When good news has no effect… It’s not too late to book that late spring into summer vacation, friends,” he wrote on X.

The analyst was referring to the “Sell in May and go away” investment strategy, which has been popularized on X in the lead-up to May. The theory suggests that the summer months are generally flat with low volatility, so staying out of the market can help protect cash.

That said, other traders retain a more bullish outlook on the market leader’s upcoming price trajectory.

For instance, Mister Crypto noted that Bitcoin had made a “perfect retest” after breaking a trendline resistance. This lays the way for further upside movement, although the analyst did not provide a price target.

However, taking a long-term outlook, renowned commentator Jelle anticipates Bitcoin will advance toward $180K in this cycle, citing that it is trading inside a higher-time-frame “Megaphone pattern.”

As such, Bitcoin’s upcoming trajectory remains uncertain. Some analysts are concerned by its torpid performance, but others remain bullish, predicting an impending move upward.

Yet, while Bitcoin remains dismayed, a new ecosystem project, 99Bitcoins token, is gaining pace as its presale raises $1.1 million.

New BRC-20 Token 99Bitcoins Raises Over $1M in ICO, Sparking Investor Interest

It is not every day that a leading crypto business brings a utility token to market, but that is what has happened with 99Bitcoins and its new 99Bitcoins token.

Launched in 2013, the outfit is now a leader in trusted, high-quality crypto news. In addition to its readership, 99Bitcoins boasts an extended network of 700K YouTube and 2.8 million email subscribers.

But despite its prestigious status, 99Bitcoins continues to challenge industry norms and has just launched a new Learn-to-Earn layer and accompanying utility token.

Learn-to-Earn is the latest rendition to follow the Play-to-Earn and Move-to-Earn phenomenons, which saw several cryptocurrencies drastically explode in price. For instance, Play-to-Earn crypto Axie Infinity did a 40x in five months in 2021, peaking at a $9.8 billion market cap.

However, 99Bitcoins’ new Learn-to-Earn layer delivers something the market has never seen before.

Users can complete gamified quizzes, modules, and tests to earn crypto rewards, and it will be launching on the BRC20 network, leveraging the ecosystem’s vast liquidity potential and cutting-edge technology.

Learners need $99BTC to access the platform, but it also provides added utilities like BRC20 tools and education, crypto trading signals, a VIP community group, and staking rewards.

Visit 99Bitcoins Token Presale

*Cryptonomist did not write the article or test the platform.