The Price Of Bitcoin For Two Months After Halfing Even Experiences A Negative Trend, Why?

Illustration of Bitcoin crypto assets. (photo: Unsplash)

JAKARTA - The price of Bitcoin has not yet received an upward momentum after Bitcoin breaking on April 20 and is only traded around 65,000 or around Rp. 1.06 billion.

In its development, Bitcoin failed to build momentum increases despite the ETF of Bitcoin and Ethereum. The launch of a spot Bitcoin ETF in the US and other countries brought about a paradigm shift in the Bitcoin investment ecosystem.

Tokocrypto trader, Fyqieh Fachrur, explained that the approval of the ETF Bitcoin spot and then ETF Ethereum spot is a sufficient bullish factor to trigger a Bitcoin price rally, even a wider chance of rising the crypto market.

However, delays in listing ETF ETH spot have an impact on bullish sentiment. The reason is the decline in confidence in the crypto market due to the Fed's delay in lowering interest rates.

"Especially with the absence of three times the Fed's interest rate drop earlier this year, it is estimated that the BTC price rally will slow down until the end of the year," Fyqieh said in a statement.

The Bitcoin bullish market has eased due to macroeconomic concerns that keep institutional investors away. The flow into Bitcoin's ETF has been negative for four consecutive days since June 17, leading to negative sentiment in the crypto market.

Overall, crypto market cap reached 2.77 trillion US dollars in March 2024, since then investors have lost more than 400 billion US dollars as market cap fell to 2.33 trillion US dollars in mid-June.