Bitcoin Stable At IDR 1.5 Billion, BTC Fate Awaits Fed Key Decision

JAKARTA - Bitcoin was observed to be moving stably around the 90,000 dollar level (Rp1.50 billion) up 0.77% in 24 hours, after trading above $94,000 last week.

Seeing daily and weekly trends, some analysts think Bitcoin is starting to show signs of a reversal even though the medium-term trend is still bearish.

The Financial Expert Ajaib, Panji Yudha, said that there is a potential for Bitcoin to recover from its current position and again test the price range of 94,000 - 97,000 US dollars (Rp1.56 - Rp1.61 billion) if successful breakout resistance of 91,500 US dollars (Rp1.52 billion).

Tokocrypto also noted several supporting factors for the increase in Bitcoin, such as institutional activity is starting to increase, market liquidity is stable at high levels, global sentiment towards digital assets is starting to improve, until global inflation slowly subsides.

This week's market focus was entirely focused on the FOMC (Federal Open Market Committee) meeting which will be held on December 9'10. Traders almost completely believe that the Federal Reserve (The Fed) will maintain its dovish stance, "said Panji.

Even so, investors still need to be vigilant considering Bitcoin is still in a fairly wide range of volatility.

Although Fed Chair Jerome Powell is expected to approve a cut in interest rates, there is resistance from hawkish members within the Fed, in which five officials have indicated they will not support interest rates again this December.