In its latest research report, JPMorgan pointed out that although Bitcoin prices have recently rebounded, this does not indicate a lasting upward trend. The bank believes that Bitcoin's current trading price of around $67,220 is above its production cost of $43,000 and the volatility-adjusted gold price level of $53,000, indicating that the current price may not have a solid foundation. Additionally, the weakness in the Bitcoin futures market, such as the dynamics of Gemini creditors, the handling of Mt. Gox claims, and Germany's clearance of BTC, also reflects unstable factors in the market. Therefore, any short-term rebound may only be a tactical adjustment, and investors need to remain cautious.