Bitcoin prices jumped 7 percent on January 18 but are still a fair distance away from life-time high of $41,940 seen earlier in the month.
At the time of writing this copy, bitcoin was trading up 4.91 percent at $36,186.6. It touched a 24-hour high of $36,840.13 and a 24-hour low of $34,460.99.
The premier cryptocurrency has surged over 22 percent so far in 2020 but has fallen over 14 percent in the last seven days.
According to JPMorgan Chase, bitcoin prices have to “break out” above $40,000 levels to continue its upward journey. Unless the said levels are breached, the exodus of trend-following investors could hurt the cryptocurrency, said the investment bank which had given a lofty target $400,000 on bitcoin earlier in the month.
“The flow into the Grayscale Bitcoin Trust would likely need to sustain its $100 million per day pace over the coming days and weeks for such a breakout to occur,” strategists at JPMorgan Chase said in a note.
Source: Twitter/ @DocumentBitcoin
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