Bitcoin’s (BTC) weekend jump between $ 30,000 and $ 34,000 appears to be compounding the short-term uncertainty story as JPMorgan’s strategists believe the crypto market has not yet recovered.

A Friday note from the JPMorgan Chase team suggests the short-term setup for Bitcoin is likely to remain challenging. Based on on-chain data, JPMorgan strategists say that “there is likely still a head start on underwater positions that need to be cleared above the market”.

JPMorgan names the stability of the Bitcoin futures market and the possible increase in production costs due to the migration of miners from China as positive factors. Some analysis shows that Bitcoin’s cost of production is historically tied to its price. An increase in mining costs could therefore have a positive effect on the Bitcoin price.

The hint suggests that the crypto market appears to be in the early stages of a recovery but is not yet entirely healthy. Fundstrat’s David Grider recommends reducing risk or buying some protection, according to Bloomberg.

Related: Bitcoin breaks out of the $ 30,000 mark on a possible breakout of the mid-range of $ 40,000

The $ 30,000 rebound, seen as a major level of support, comes after the JPMorgan note. Bitcoin price fell to $ 30,070 before quickly rebounding to $ 33,445 over the weekend, according to data from Cointelegraph Markets Pro and TradingView.

At the weekend there was a positive statement for the largest cryptocurrency from Ricardo Salinas Pliego, Mexico’s third richest man, who named Bitcoin the new gold. Prices rose to over 35,000 on Monday morning.