Crypto Market Faces Correction, Investors Wait for the Results of the Fed Meeting

Liputan6.com, Jakarta – The crypto market recently experienced a correction phase after the market cap or market capitalization recorded an annual high, exceeding USD 2.73 trillion or the equivalent of IDR 42,959 trillion (assuming an exchange rate of IDR 15,735 per US dollar). This correction resulted in a significant decline in the price of Bitcoin, which sparked bearish speculation among investors.

Bitcoin price has been under significant selling pressure since reaching its historical peak. After failing to maintain the support level at USD 70,000 or the equivalent of IDR 1.10 billion, more selling pressure is expected to occur.

Tokocrypto trader, Fyqieh Fachrur, explained that Bitcoin price volatility is predicted to increase, with the potential for a price decline in the near future. Although Bitcoin may experience consolidation and lower volatility in the near term, it is expected to still hold above the key support level of USD 60,000 or the equivalent of IDR 944.2 million.

“This indicates Bitcoin may be preparing for its next move. Although the market is currently trending bearishthe accumulation of Bitcoin by investors shows that there is still a trend bullish,” said Fyqieh in an analysis at the start of the week received by Liputan6.com, Tuesday (19/3/2024).

Fyqieh added, despite facing unfavorable market sentiment, Bitcoin still has the potential to reach USD 80,000 or the equivalent of IDR 1.25 billion during the bullish next.

Fear & Greed Index

The Crypto Fear & Greed Index shows a decline in investor interest in the crypto market, with the sentiment figure falling from 82 last week to 77 points on Monday, March 18, 2024. This decline indicates increasing uncertainty and concern among investors.

A decline in the value of the Crypto Fear & Greed Index is usually interpreted as a sign that investors are starting to be more careful and reducing their exposure to crypto assets, perhaps due to market volatility, negative news, or changes in macroeconomic conditions.

“Therefore, changes in this value are an important indicator for investors to re-evaluate their investment strategies amidst fluctuating market dynamics,” said Fyqieh.