Is fading momentum becoming a problem for bitcoin?

JPM notes that the recent liquidation in bitcoin futures has similarities to the liquidations we saw in Feb, Jan and Nov.
They argue that the build up of futures before the liquidation was most likely CTA momentum chasers and crypto funds, and that these have now liquidated positions (note bitcoin is still down post COIN going public).
As we have been mentioning since last week, momentum signals could reverse if bitcoin does not move higher soon, and JPM concludes this today;