Bitcoin hits $54,000 in a snapback rally from a seven-week low

Bitcoin hits $54,000 in a snapback rally from a seven-week low

What a turnaround

Bitcoin chart

What started out as a dismal day for bitcoin has quickly turned into an impressive rally. Bitcoin is up more than 10% now to $53,919 and touched $54,000 momentarily. That’s from a low of $47,044 early in Asian trade.

Bitcoin is such a technical and sentiment-driven trade. If I go back and look at all the weekend headlines, they were about a deeper correction and other fears. In the blink of an eye in crypto, that fear can turn to fear of missing out.

On the news side, JPM is preparing to introduced a managed bitcoin fund to some clients, according to a report.

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