Flat Bitcoin Price, Investors Wait for US Economic Data

Liputan6.com, Jakarta Bitcoin has been flat since late June 2023. The price of Bitcoin has been fluctuating between USD 30,000 or equivalent to IDR 454.2 million (assuming exchange rate of IDR 15,142 per US dollar) to USD 31,000 or equivalent to IDR 470 million, with occasional attempts to move higher.

Non-farm payroll data for the United States, which was released below market expectations on Friday, 7 July 2023 last week, has been able to keep Bitcoin in the range of USD 30,000 until the second week of July.

Ajaib Kripto Financial Expert, Panji Yudha, explained that in order for Bitcoin to still have the potential to continue its upward trend, it will be very important for Bitcoin to maintain its price above USD 30,000 this week.

Amid the stagnant movement of Bitcoin. Some altcoins have experienced significant gains in the last seven days. Solana (SOL) was up 12.31 percent, Polygon (MATIC) was up 4.24 percent, and Avalanche (AVAX) 3.35 percent.

“This week, the market focus will shift to the US Consumer Price Index (CPI) which will be followed by the US Producer Price Index (PPI). Investors will also pay close attention to the speeches of The Fed officials regarding the economy and policies,” Panji said in a press release, quoted on Wednesday (12/7/2023).

If the US inflation data for June follows the same trend as expected, it will have the potential to push up Bitcoin prices. Inflation will influence the Federal Reserve in its decision to change the US central bank’s interest rate at the July FOMC on July 25-26 2023.

Sentiment

The strengthening of Bitcoin prices was also driven by the positive effects of spot Bitcoin ETF applications proposed by various world asset management institutions. contributed to this uptrend.

“Blackrock, Fidelity and others have resubmitted their applications per US Securities and Exchange Commission (SEC) directives. At this time there is still no decision whether the SEC will approve it. If approved, this will be a new chapter regarding crypto asset investment and a positive catalyst for the price of Bitcoin,” explained Panji.

From an industry standpoint, the bitcoin halving that will occur next year has boosted production and efficiency in the Bitcoin mining business. Several Bitcoin mining companies such as Riot Platforms, CleanSpark, and Hut 8 are currently busy with strategies to be implemented to maximize Bitcoin mining production.

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