Crypto Market Movement Predictions Ahead Of The Release Of Economic Data And Fed Speech

Illustration of Bitcoin (photo: Pexels)

JAKARTA - The crypto market on Tuesday, November 28 at 08.00 WIB was in the red zone, with Bitcoin (BTC) perched at 37,049 US dollars (Rp571.8 million). Down 1.23 percent over the past 24 hours, and down 0.80 percent in the last 7 days.

Despite its decline, last week BTC touched its annual highest level with it reaching 38.416 US dollars (Rp592.9 million), which is the highest level ever seen since May 2022.

According to Crypto's Financial Expert, Panji Yudha, to go to US$40,000 (Rp617.4 million), Bitcoin must break its resistance of US$38,000 (Rp586.5 million) and stay above that level.

"But if it breaks down, then BTC has the potential to go down to the nearest support at US$ 36,000 (IDR 555.66 million) and the next support is US$ 35,000 (IDR 540.2 million)," Panji explained in a written statement.

However, Panji said that the price of Bitcoin still persists at its highest level this year thanks to its long-term ownership of Bitcoin continuing to strengthen.

This reflects investor's positive belief and sentiment towards the future of Bitcoin. On the other hand, optimism is increasing regarding Bitcoin in the United States market, especially regarding the potential Exchange-Trad Fund (ETF) Bitcoin, "he added.

Panji also emphasized the importance of paying attention to this week's dense economic schedule, which is considered to affect market sentiment and the trust of Crypto Asset investors.

Tuesday, November 28 focuses on consumer confidence data that provides a broad picture of economic conditions, along with discussions of three Federal Reserve governors on monetary policy, "he explained.

In addition, on Thursday, November 30, there was also PCE inflation data which is expected to decline slightly, which may be a positive indicator for sustainable economic recovery.