Crypto Market Potentially Flat, Investors Take Wait And See Position

Liputan6.com, Jakarta The crypto and Bitcoin markets have continued to show great performance in recent days. The price of Bitcoin touched USD 52,400 or the equivalent of IDR 819.8 million (assuming an exchange rate of IDR 15,646 per US dollar), the highest price since 2021.

Tokocrypto trader, Fyqieh Fachrur said the prospect of crypto market movements this weekend seems to be experiencing a “wait and see” period. This is influenced by the dominance of spot Bitcoin ETF influence.

“As is known, the increase in Bitcoin prices was caused by the soaring inflow of ETF funds due to increased demand from financial institutions. “Apart from that, on the other hand, there has been a decrease in supply from Bitcoin mining,” said Fyqieh, to Liputan6.com, Friday (16/2/2024).

Potential for Bitcoin Price to Move Flat

Fyqieh explained that there is potential for Bitcoin price movements to tend to be flat towards the end of this week, especially because the US stock exchange has closed. In addition, there will be the release of US Producer Price Index (PPI) data for January 2024.

Market players will digest previous PPI and CPI data to determine the next steps in the market. The possible price range for trading is between USD 50,000 or the equivalent of IDR 782.3 million to USD 52,000 or the equivalent of IDR 813.6 million.

“However, the market response to Bitcoin movements is expected to remain positive, if spot Bitcoin ETF entities continue to accumulate BTC, as positive sentiment towards these ETFs has driven price increases,” explained Fyqieh.

In addition, demand for Bitcoin ETFs from institutions continues to drive Bitcoin prices higher, despite signs of caution regarding indicators such as the RSI indicating saturated buying, as well as a market that is strongly influenced by FOMO (Fear of Missing Out).

Although the RSI indicator provides an overview of potential movements, it still does not guarantee certainty. Being alert to potential corrections is considered important, even though it is unclear when such corrections will occur.

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