The reason why Bitcoin doesn’t rebound is because institutions are stepping out

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For a while, Bitcoin has been sideways. Recently, Bitcoin has been stuck in the $30,000 range and is showing a sideways trend.

In the meantime, Bitcoin has been very volatile, showing sharp fluctuations, but recently, it has fallen into a sideways trend and the price has been rather stable.

As of 3 pm on the 2nd (Korean time), Bitcoin is at $36,830, down 0.71% from 24 hours ago on CoinMarketCap, a global coin market relay site. Over the past week, Bitcoin has been hovering between $33,000 and $37,000.

Bitcoin price trend over the past week – Take a look at CoinMarketCap

Not long ago, when Bitcoin plummeted, low-price buying immediately flowed in, leading to a sharp rebound.

However, the inflow of low-priced purchases has been slowing recently. It is interpreted that institutional investors are hesitant to enter the market because they are inflamed by the volatility of Bitcoin.

In a report on the 1st (local time), JP Morgan strategist Nicholas Panizirzoglu said, “Institutional investors, surprised by Bitcoin’s volatility, are hesitant to enter the Bitcoin market. It is likely to fall to

“In the medium term,” he predicted, “Bitcoin will trade between $24,000 and $36,000.”

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