Bitcoin Drops To The Level Of 104 US Dollars, Bullish Projection Fails?

JAKARTA - On Friday, June 13, the price of Bitcoin fell 4.5% over the past 24 hours, dropping below the level of 104,000 US dollars (Rp1.695 billion) and trading at 103,802 US dollars (Rp1.691 billion).

The decline in the crypto market came after Israel launched airstrikes in Iran with an explosion heard in Tehran, according to an Associated Press report.

Director at LVRG Research said that the cryptocurrency market was under selling pressure as Israeli attacks on Iran prompted investors towards safer investments.

"The increasing geopolitical risk has prompted a switch to safer assets, with market participants anticipating short-term pressure on crypto valuations," saiduck, quoted by The Block.

According to Tokocrypto analyst, Fyqieh Fachrur, technically, if Bitcoin is able to stay above the strong support level of 106,265 US dollars (Rp1.73 billion), then there is an opportunity for recovery to 110,000 US dollars (Rp1.79 billion).

If successful in passing this level and confirming it as support, BTC is projected to be able to continue the upward trend towards an all-time high of 111,980 US dollars (Rp1.82 billion).

However, the risk of a decrease is still there if macroeconomic pressure increases. If BTC slips below 106,265 US dollars (Rp1.73 billion), the price could slide to the range of 105.000 (Rp1.71 billion), which could cancel the bullish projection in the short term.

While BTC hasn't shown a major rally in the short term, Fygieh MR lihat, market indicators and fundamental support provide a strong hope that recovery will occur, with short-term targets at the level of 110,000 US dollars (Rp1.79 billion).