JAKARTA - The price of Bitcoin (BTC) has decreased over the past week, where based on CoinMarketCap, the price of Bitcoin has fallen below the level of US$62,000 or around Rp1.01 billion.
Tokocrypto trader, Fyqieh Fachrur, explained that the selling pressure of Bitcoin continues to increase due to various negative sentiments, including concerns about the Fed's high interest rate and the power of the US dollar which reduces crypto appeal.
When Bitcoin is under pressure, altcoins, such as memecoins and AI tokens (artificial intelligence) have shown a strengthening in the past week.
"This is likely due to investors looking for temporary alternatives amid the uncertainty of the Bitcoin market, the potential for high growth of altcoins and memecoins, and technical patterns that signal rebound opportunities," said Fyqieh.
According to Fyqieh, this movement shows a crypto market that is in a consolidated phase. Thus, it shows that the crypto market does not rely solely on one asset, and investors are starting to look for opportunities in other assets.
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Furthermore, Fyqieh added that investors need to pay attention to some important sentiments in the short term, such as the Fed's interest rate decisions, the release of US economic data, and the development of crypto regulation.
Because according to him, these sentiments could affect the direction of Bitcoin and altcoin price movements in the next few weeks. Overall, the crypto market still shows long-term growth potential.
"Investors need to do in-depth research before investing and considering investment strategies that suit their risk profile," he said.
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