Bitcoin Price Hovers Around $3,600 As JP Morgan Jumps on BTC Skepticism and Mike Novogratz Reportedl
Bitcoin’s price has been fluctuating in a $540-range over the past 30 days, with a high of $4,086 and a low of $3,547. Currently trading around $3,595, BTC volatility has dropped to its lowest levels since the end of last November. The index shows the latest 30-day volatility estimate at 3.49% and the latest 60-day estimate at 4.24%.. Reports FX Street, “While the market is snoozing in tight ranges, investors should be on the alert, as prolonged periods of low volatility are usually followed by strong movements.”Indications as to which way the markets will move are unclear. There are a range of narratives, from bullish to bearish.CNBC reports that in a note to clients, JP Morgan managing director and analyst Jan Loeys wrote,“Even in extreme scenarios such as a recession or financial crises, there are more liquid and less complicated instruments for transacting, investing and hedging, in part due to the scale afforded by fiat currencies’ legal tender status.”
