Bitcoin Towards USD 32,000, Altcoin Takes Up

Liputan6.com, Jakarta – The Bitcoin asset has experienced a rapid price rally. Throughout the first half of this year, Bitcoin rose by more than 80 percent, from USD 16,000 to reach USD 31,000 in the period January 1 – June 31, 2023.

The total market capitalization of crypto assets also shot up more than 50 percent in H1 2023, from around USD 760 billion to USD 1.178 trillion on 30 June 2023.

Ajaib Kripto Financial Expert, Panji Yudha explained, the soaring price of Bitcoin at the end of June was due to positive sentiment from a number of large-scale asset management companies such as BlackRock, Fidelity and WisdomTree which had applied for licenses to offer spot Bitcoin ETF investment products.

“This had a positive impact, pushing Bitcoin to rally more than 20 percent throughout June 2023. In addition, Coinglass data shows that the average Bitcoin price in July from 2013 to 2022 rose by around 9.18 percent. This indicates that there is an opportunity for Bitcoin to continue to strengthen in July 2023 based on this data,” said Panji in an official statement, Tuesday (4/7/2023).

Over the past 11 days, Bitcoin has remained firmly above USD 30,000 with sideways movements in the range of USD 29,500 – USD 31,400. The price of BTC fell to USD 29,500 last Saturday, driven by a statement by the Securities Exchange Commission (SEC) which stated that applications for the Bitcoin Spot ETF ETF by a number of registration asset management firms were incomplete and required further information before being considered for approval.

“This statement was welcomed by investors to take profits, which caused the price of BTC to fall. But in the end it rose again to USD 31,129 in today’s trading,” Panji added.

Technically, as seen on Monday, 3 July 2023 at night, BTC had reached the resistance area at USD 31,400 but failed to breakout and on Tuesday, 4 July 2023 at 08:00 WIB, BTC moved around USD 31,129. Panji takes a closer look, BTC is trying to breakout the current resistance area and head to the price of USD 32,000.

“If in the short term it is able to survive above the price of USD 30,800. Conversely, if breakdown below USD 30,800, BTC will potentially return to the support area at USD 29,500,” explained Panji.

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