Bitcoin Strengthens Again, This Is According To Crypto Analysts!

Bitcoin illustration. (Photo; Doc. Unsplash)

JAKARTA After experiencing a decline in recent months, Bitcoin (BTC) has recovered with an increase of 2.6%. Currently, BTC is trading at the level of IDR 419 million with a market capitalization of 519 billion US dollars (IDR 7.9 quadrillion).

Ali Martinez, a well-known crypto analyst, highlighted that the Bitcoin plot within three days shows the potential of a purchase signal based on the Sequential TD indicator. If the buying pressure for BTC continues to rise, there is an opportunity the price will reach a mid-level or even top in the canal, with a target of US$28,000 (Rp430 million) or even US$31,000 (Rp476 million).

However, it should be noted that the TD Risk Line remains an important critical point to monitor, especially at the level of US$24,500 (Rp376 million), because it plays a role in the validation process.

Important Events That Affect Bitcoin Prices

During this week, there have been several important events that could affect the Bitcoin price movement. On Wednesday, September 20, all eyes will be on the Federal Reserve's announcement of the Federal Funds Rate, which is currently at the level of 5.50%.

The Federal Open Market Committee (FOMC) statement and accompanying press conference will also be a major concern. The Fed's dovish or hawkish stance could trigger significant volatility in traditional markets, potentially affecting crypto markets.

Then on Thursday, September 21, attention will turn to the Unemployment Claim data, where analysts anticipate a slight increase to 222K from the previous 220K.

This week will end on Friday, September 22, with investors monitoring PMI Manufacturing Flash and PMI Jasa Flash. For information, Flash Manufacturing PMI (Purchasing Managers' Index) is an economic indicator used to measure the performance of the manufacturing sector of a country within a certain period, usually one month. This index is calculated based on a survey conducted on purchasing managers in the manufacturing sector.

PMI figures above 50 show expansion in the manufacturing sector, while figures below 50 indicate contraction. PMI's flash Manufacturing is the initial version of this index released before its final data, and is often used by market participants to gain early insight into economic conditions.

Expectations for the two indexes above are 47.9 and 50.8 respectively. These two indexes provide indications of economic health, and if there is a significant difference from expectations, it could affect market sentiment, including the Bitcoin market.