Bitcoin Still Has The Potential To Continue The Reli To IDR 617.7 Million

Illustration of the cryptocurrency Bitcoin (photo: Unsplash)

JAKARTA - Over the past week, the crypto market has experienced significant fluctuations. This turmoil is influenced by the anticipation of US economic data and Federal Reserve policy decisions.

Last week, Bitcoin (BTC) experienced a decline below US$35.000 (Rp540.5 million). However, on Tuesday, November 21 at 08.00 WIB, Bitcoin was around US$37,400 (Rp577.56 million) up slightly 0.25 percent in the last 24 hours

Meanwhile, Ethereum (ETH) had experienced a decline below 2,000 US dollars (Rp30.88 million), and managed to rise again at 2.025 US dollars (Rp31.27 million), an increase of 0.7 percent in the last 24 hours.

Crypto's Financial Expert, Panji Yudha said that Bitcoin still has the potential to continue the rally to US$40,000 (Rp617.7 million), if it is able to break out resistance at the level of US$37,950 (Rp586 million).

"However, if the resistance breakout fails, Bitcoin has the potential to drop back to the support level at $36,000," Panji explained in a statement received by VOI.

Meanwhile, Ethereum, Panji estimates that ETH will still have the potential to strengthen towards a resistance of 2,130 US dollars (Rp32.9 million), if it is able to survive at the psychological price of its support at 2,000 US dollars (Rp30.88 million).

Overall, Panji said that over the past week the Crypto Asset market reflected a cautious atmosphere of optimism, driven by Fidelity and BlackRock taking on an important role by submitting Ethereum ETF to the Securities and Exchange Commission (SEC).

Panji mengungkapkan, pertemuan Federal Reserve pada hari Selasa ini harus diperhatikan. Karena ada kemungkinan volatility pasar jangka pendek pada siang hari, tetapi diperkirakan tidak ada dampak besar.