Bitcoin reaches to $3600 levels

The downtrend which started because of the J P Morgan CEO calling bitcoins as fraud and due to china ban on ico has finally halted. Interestingly, the social media was buzzed with the news of J P morgan purchasing large blocks of bitcoins after the comments of JP morgan ceo lead to free fall in Bitcoin prices.
The currencies have rebounded and bitcoin jumped 25% and others as much as 10-15% in last 12 hours.
It is credible because the price jumped inspite of negative news on ICO such as China ban on ICO and Dubai Financial Services Authority taking action against ICOs in UAE, the currencies have shown signs of recovery.
There is a continuous flow of negative news in the cryptocurrency markets, hence its difficult to be affirmative about these prices. Previously, China banned ICOs and decided to regulate. Bitcoin touched down $3500 levels and if the analysts are to be believed it may go down further to the levels of $3000.