**Bitcoin Bounces Back Amid Market Jitters**

Bitcoin saw a wild ride on Aug. 12, dropping 3.2% to $57,844 before quickly rebounding by 5% to hit $60,700. This volatility follows comments from a U.S. Federal Reserve Governor, which also pushed gold prices near record highs.

Traders are now eyeing Bitcoin's potential to retest its Aug. 5 low of $49,248, amid concerns over a possible economic downturn. JPMorgan has raised the likelihood of a U.S. recession in 2024 to 35%, citing weak labor markets and tight Fed policies.

Investors await key economic data on Aug. 13 and 14, which could influence future Fed rate cuts. Despite the price swings, Bitcoin's futures and options markets show no signs of panic, indicating a more sophisticated and less leveraged trading environment.