Bitcoin Strengthens Again, This Is A Factor That Boosts BTC Prices!

Bitcoin, the largest crypto asset by market cap. (Photo; Doc. Pixabay)

JAKARTA After experiencing a downward trend over the past few days, Bitcoin (BTC) has again shown optimism by breaking the level of US$60,000 on Friday morning. This increase was positively welcomed by investors and analysts who saw it as an initial potential to reach an important threshold of US$65,000, which is considered the key to a larger price spike.

This positive movement of Bitcoin cannot be separated from the latest decision by the United States Federal Reserve (Fed) to maintain the benchmark interest rate level. In its latest meeting, the Fed decided to maintain interest rate in the range of 5.3%, a move aimed at stabilizing economic growth and suppressing inflation.

This decision, despite concerns over the upcoming US presidential election, was positively welcomed by financial markets, including the crypto sector. Market indicators show recovery from its recent lows, with the value of the crypto industry hitting around $2.22 trillion, signaling a 3.34% increase in the last 24 hours.

This positive sentiment also boosted the price of Bitcoin, which saw a value increase of more than 4%. This increase brought Bitcoin back to the range of 60,000 US dollars, although it was still more than 10% below its peak at $66,000 in April and 22% below all-time highs at $73,000 in March.

This recovery is not limited to Bitcoin alone. Other Altcoins such as Ethereum (ETH), Solana (SOL), Binance Coin (BNB), Dogecoin (DOGE), and Shiba Inu (SHIB) also experienced positive movements with a value increase of between 3.4% to 9.34% in the past day.

Factors That Boost Bitcoin Prices

Analysts see several factors contributing to the increase in Bitcoin prices:

Although Bitcoin is showing a positive trend, analysts still remind investors to be careful and carry out in-depth analysis before investing. The crypto market is still volatile, and the price of Bitcoin can fluctuate quickly.