Tokocrypto: Even Though Bitcoin Prices Drop But There Is Still Bullish Hope

Illustration of Bitcoin (photo: Pixabay)

JAKARTA - Bitcoin (BTC) is facing a decrease in selling pressure, causing its price to fall to a level of around US$57,000 (Rp927 million), or a 16 percent drop from its highest level at 73.00 US dollars (Rp1.18 billion).

Tokocrypto trader, Fyqieh Fachrur, noted that the decline was triggered by various negative sentiments, including sales of BTC by the German and US governments, as well as distribution of Bitcoin from MTGox.

However, according to Fyqieh, future positive events such as the distribution of FTX imilao cash could increase the price of Bitcoin.

"Although BTC's short-term structure is still bearish, its medium to long-term trend remains bullish," Fyqieh said in a statement on Thursday, July 11.

However, Fyqieh also stressed that Bitcoin's latest fluctuations have lowered prices under a 50-day and 200-day moving average, raising doubts about the continuation of this rising trend. However, the price of BTC is slowly starting to recover.

One of the factors that could push the price of Bitcoin back to the level of 60,000 US dollars or around Rp972 million is significant developments related to Ethereum ETF and its impact on BTC.

According to him, Bitcoin is currently in oversold condition, with two potential catalysts that could boost prices: US CPI data and a possible SEC approval of Ethereum ETF on July 18.

"This incident can trigger short-covering and a brief rally, provide temporary relief from the current downward trend and provide indications of the future direction of Bitcoin," he explained further.

Fyqieh also explained the scenario for possible market recovery. He noted that the oversold indicator shows a potential short-term reversal, with two of the three now bullish reversal indicators.

"As long as the price of Bitcoin lasts above 53,500 US dollars (Rp858 million), we can anticipate the return of BTC above 58,500 US dollars (Rp947 million)," Fyqieh analyzed.