Bitcoin Price Reaches IDR 1 Billion, Getting Closer To The Highest Price

Bitcoin prices shot (photo: Unsplash)

JAKARTA - On March 5, the price of Bitcoin shot beyond US$68,000 (Rp1.07 billion), up about 11.17 percent compared to March 1 at a price of US$61,198 (Rp963 million).

Based on Coinclass data, Bitcoin tends to be closed positively every March, an average increase of around 12.83 percent from 2013 to 2023.

The Financial Expert of Crypto, Panji Yudha, said that the current price of Bitcoin is only about 1.5 percent of the all-time high (all-time high) at the level of 69,044 US dollars (Rp1.08 billion) reached in November 2021.

"Currently, in the short term to score a new high price BTC needs to last above USD 65,700 (IDR 1.03 billion)," Panji said in a statement.

Meanwhile, Panji added, if it drops from that level, there is the potential for Bitcoin to weaken to the nearest support at US$64,000 (Rp1 billion).

Meanwhile, Ethereum (ETH) also experienced an increase in the same period of around 4.06 percent and perched at 3,619 US dollars (Rp57 million).

Ethereum's rise appears to have the potential to continue thanks to an upgrade to the network, namely the Upgrade Dencun which will take place on March 13, 2024, he explained further.

Panji added, "In addition, if BTC manages to score a new high this week and there is a decline in Bitcoin (BTC.D) dominance, then a signal of altSEASON sign that will be getting closer and followed by investor interest is starting to lean towards the altcoin market."