Bitcoin Falls To IDR 1.5 Billion, Investors Prefer To Save Cash

JAKARTA - The price of Bitcoin (BTC) is again under intense pressure, with a drop of 4.95% in the last 24 hours, bringing the price down to the level of 89,796 - 90,000 US dollars or around Rp1.5 billion.

This price correction is one of the biggest declines in the last week. This pressure also coincided with the weakening of global crypto market sentiment and the increasing macro uncertainty.

In fact, the current condition makes the price of Bitcoin drop 30% from its highest price above 126,000 US dollars or around Rp. 2.11 billion last October.

Market participants say a combination of doubts surrounding the future decline in US interest rates and moods in the global market, which have wavered after a long rally, are dragging crypto to this price drop.

"This flowing sale is reinforced by listed companies and institutions that left their positions after holding demonstrations, thus exacerbating the risk of transmission across the market", said Joshua Chu, co-chairman of the Hong Kong Web3 Association.

Meanwhile, Tokocrypto sees that the overall crypto market is in a fear mode condition, where investors prefer to store cash.

"Global uncertainty such as potential interest rate hikes, liquidity weakening, and risk-off behavior from institutions is an additional pressure that makes it difficult for BTC to maintain a position above 90,000 US dollars (Rp 1.5 billion)," Tokocrypto explained on its official blog.

Today's Bitcoin movement shows a combination of technical corrections, pressure on liquidity, and weakening global sentiment. If BTC can last above $89,000, the rebound opportunity remains open.

"On the other hand, a deeper decline can bring the market into the medium-term bearish phase," he concluded.