Successfully Recovering, Bitcoin Price Has Once Again Reached USD 70,000

Previously, the crypto Market tried to recover after the latest decline, while the volume did not support the rise. Recent price movements suggest some sentiment is still present in the market, so the recovery phase has not yet started with the necessary force.

Bitcoin (BTC) is on target to end last week in the red zone, but a positive sign for investors is that the price has recovered from its lows in the past week at around USD 61,000 or the equivalent of IDR 963.4 million (assuming an exchange rate of IDR 15,795 per US dollar ) to more than USD 65,000 or the equivalent of 1.02 billion.

Tokocrypto trader, Fyqieh Fachrur explained, this shows that market players remain bullish in the long term and buy when there is a decline.

“It is expected that inflows into Bitcoin ETF funds will increase, if Bitcoin approaches the support level. “Another positive sign that could support Bitcoin prices is the slowing outflow from the Grayscale Bitcoin Trust (GBTC),” said Fyqieh in an analysis at the beginning of the week, Monday (25/3/2024).

Fyqieh added that Fairside Investors data shows that outflows from GBTC fell to only USD 170 million or the equivalent of IDR 2.6 trillion on March 22. This shows that selling pressure could be reduced. Crypto Fear & Greed Index sentiment at the beginning of this week was also observed to be weakening.

On Monday, the Crypto Fear & Greed Index sentiment position was at 75 points at the “Greed” position, down from the previous week at 77 points at the “Extreme Greed” level.

This shows that although there is still a high level of desire to make a profit in the crypto market, there is a slight decline. There may be some signs that investors are starting to feel a little wary or cautious in the face of high market volatility.

However, these sentiment movements could also reflect a shift in the market cycle, where investors may be looking for new opportunities or anticipating a price correction after a previous spike.