Bitcoin Reaches Above IDR 1.81 Billion, It Turns Out That This Is The Main Factor!
JAKARTA - As of Friday, May 23, Bitcoin is still perched at the level of 111,000 US dollars or around Rp1.81 billion, which is an all-time high (ATH).
Tokocrypto analyst, Fyqieh Almuttaqin, revealed that the increase in Bitcoin prices was supported by a strong combination of institutional fund inflows through spot ETFs, advances in crypto regulation in the United States, and massive short position liquidation pressures.
On Tuesday, May 21, the flow of funds to the Bitcoin spot ETF reached $667 million, with the largest portion coming from BlackRock's iShares Bitcoin Trust (IBIT), which now controls more than 625,000 BTC.
Selain itu, perusahaan MicroStrategy juga berperan dalam penguatan harga dengan pembelian Bitcoin senilai 1,34 miliar dolar AS untuk menambah 13.390 BTC ke portofolionya.
This action, according to Fyqieh, has had a profound impact on the decline in Bitcoin reserves on the stock exchange to its lowest level in recent years indicating the tighter supply on the spot market.
This price spike is not just a short-term euphoria. The combination of strong institutional accumulation and limited selling pressure from long-term investors is a signal that the upward trend still has a solid fundamental foundation," he explained.
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However, Fyqieh reminded investors to remain careful. According to him, for long-term investors, nowadays like this can be an opportunity to take part in profits, especially if the personal price target has been achieved.
"However, this is not necessarily the best time to get out completely of the market," he said further.