Following Tensions In The Middle East, Bitcoin Returns To The US$60,000

Illustration of Bitcoin (photo: Unsplash)

JAKARTA - After experiencing an increase in san perched at the level of more than US$64,000 (Rp976 million), the price of Bitcoin over the past three days has dropped back to the level of US$61,000 or around Rp931 million.

Crypto's Financial Expert, Panji Yudha said that the decline was triggered by a statement by Fed Chairman Jerome Powell on Monday, September 30 regarding a cut in interest rates that are coming to make some investors anxious.

In addition, Panji added, rising tensions in the Middle East also lower investor risk appetite as the new moon and quarter began, after Iran launched ballistic missile attacks on Israel that had sparked uncertainty in the market.

From a technical point of view, Panji explained, if BTC can survive above the support of 60,000 US dollars (Rp915 million), then there is the potential to return to around 62,500 US dollars (Rp954 million) and resistance of 64,000 US dollars (Rp976 million).

"Meanwhile, if there is a decrease below US$60,000 (Rp915 million), then BTC's potential will continue to weaken to the next support of around US$57,000 (Rp870 million)," Panji explained in a written statement.

Despite this, he revealed that September 2024 became a historic month for Bitcoin, where this crypto asset scored a 7.35 percent increase, setting the most positive closing record since 2013 or in the past decade.

One of the key factors supporting Bitcoin's positive performance in September was a surge in inflows from the institution to the Bitcoin spot ETF, which jumped from $397.20 million in the previous week to $1.11 billion last week.

"This indicates an increase in confidence from large investors in the prospects for Bitcoin, which is a bullish signal ahead of entering the fourth quarter," he concluded.

Entering the fourth quarter, Panji said Bitcoin traders remain optimistic, despite experiencing a difficult start in September, Bitcoin managed to bounce back after Fed's cut in interest rates.