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In the ongoing market sentiment confusion, the majority of cryptocurrencies are struggling to gain momentum. Amidst this, an asset management giant published a research report citing that Bitcoin, viewed for a longer time frame, is a highly volatile asset, but its volatility is falling and will continue to do so until the crypto market matures. What does Fidelity say about Bitcoin? 
Additionally, Analyst Zack Wainwright highlighted that, like many newly listed cryptocurrencies, Bitcoin has undergone a period of price discovery and maturation, resulting in decreasing volatility.&nbsp;
Comparing Bitcoin’s evolution to historical examples, Wainwright pointed out that even gold experienced massive volatility when the U.S. abandoned the gold standard in 1970. However, in its 15 years of existence, Bitcoin has shown signs of maturation, with volatility reaching new lows on a yearly scale.
Although the current <a href="https://news.todayq.com/are-bulls-coming-back-bitcoin-etf-outflow-reduces/" rel="noopener noreferrer nofollow">Bitcoin volatility</a> is due to multiple ongoing factors like the collapse of the Japanese Yen, higher CPI data (Consumer Price Index), and many more, there is a high chance that it will regain its volatility and price momentum.&nbsp;
The report also revealed that Bitcoin is currently less volatile than many blue-chip listed companies in the S&amp;P 500 index, which highly indicates a shift of volatility. Additionally, the report adds that Bitcoin has experienced lower volatility than Netflix (NFLX), highlighting its potential as a stable investment option. The possible reason for the lower volatility is the release of a spot Bitcoin ETF (Exchange Traded Fund) in the United States and Hong Kong.&nbsp; Bitcoin price performance and key level 
Following this volatility in the cryptocurrency market, Bitcoin is currently trading near the $58,600 level, and in the last 24 hours, it experienced nearly 1.3% upside momentum. However, if we look at the performance of Bitcoin over a longer period, in the last 7 days and 30 days, Bitcoin experienced 7% and 10% of downside momentum, respectively.&nbsp;
Expert technical analysis hints at a bearish sign for Bitcoin. This bearish speculation is just because Bitcoin broke its strong support level and also closed below it. However, the recent upside momentum might be due to a retest, but in the longer term, there is a high possibility that it will hit the $53,200 level.

Can Bitcoin slide to $53K level? Here’s what Fidelity says

Todayq News

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