Bitcoin Price Drops, Reku: There's No Bullish Signal In The Near Future

Illustration of Bitcoin (photo: Pexels)

JAKARTA - Starting in September, Bitcoin has not yet improved. In fact, based on CoinMarketCap, the price of Bitcoin on Wednesday, September 4 fell more than 5 percent in 24 hours to a level of 56,658 US dollars or around Rp878 million.

Responding to these conditions, Crypto Analyst Reku, Fahmi Almuttaqin said that, although the corrections that occurred were not as deep as those that had occurred at the end of July until the first week of last August, this condition was interesting to observe.

According to him, the correction occurred in tandem with the release of several important US economic data, which also has the potential to have a significant impact on the dynamics in the crypto market in the rest of this year.

"The situation indicates that this recovery signal seems to be strong enough to support the ongoing rally for the crypto market in the medium term," Fahmi said.

As for the short term, he added, the bullish signal is still relatively weak, although it does not rule out the possibility that things may change at any time due to certain developments.

Fahmi also mentioned that under these conditions, investors can take advantage of the momentum to manage more active portfolios, as well as determine positions or strategies to be more adaptive in the midst of the potential for high dynamics.

Investors need to follow the existing developments and interpret them appropriately. Because, a little difference in situation can potentially lead to significant impact differences or implications," added Fahmi.

To help investors evaluate investment strategies and trading, investors can monitor their portfolio performance. Currently, investors are also easier to monitor their investment summary through the Portfolio Analysis feature available on Reku.