Bitcoin Drops After Printing Highest Record, Analyst: Investor Takes Profit

JAKARTA - After an explosive rally that brought Bitcoin (BTC) set an all-time high record (ATH) above $126,000, the crypto market began showing corrections on Tuesday.

In the last 24 hours, BTC has lost about 2% and based on data from CoinMarketCap, Bitcoin currently sits at the level of 121,877 US dollars or around Rp. 2.02 billion.

The Financial Expert Ajaib Panji Yudha explained that the selling pressure that occurred mostly came from profit-taking following the recent record highs.

This phenomenon is evident in the open interest decline, where the total open interest on BTC's futures contracts across major exchanges showed a steady decline, dropping from 47 billion US dollars to 46.1 billion US dollars in the last session.

The direct correlation between price drop and open interest drop indicates that many long (buy) positions are being closed. This reinforces that investors who have held positions for months, or even years, are starting to realize their advantages at this high price level," he explained.

If the trend of closing this position (profit-taking) continues, the selling pressure may remain relevant in the coming sessions, signaling a price consolidation phase.

Despite the decline in prices in the short term, Panji added, overall market confidence remains strong.