Bitcoin Recovers To Level Of IDR 1.83 Billion, Investors Of Crypto Market Dongkrak Institution

Illustration (photo: Unsplash)

JAKARTA - Bitcoin (BTC) has again shown a positive trend after being depressed below the US$108 thousand level. Based on the Ajaib data in the last 24 hours, the price of BTC rose +2.13% to 111,325 US dollars or around Rp1.83 billion.

The Financial Expert Ajaib Panji Yudha said that this increase was driven by various factors, such as massive buying action from institutional investors.

Two investment companies, Strategy and Metaplanet, reportedly accumulated more than 5,000 BTC worth about US$562 million (Rp9.25 trillion). The move is considered to strengthen investor confidence in Bitcoin's long-term prospects.

In addition, Panji added, the increase in crypto was also supported by sentiment from the wider market. Recovering the technology stock index after being depressed, as well as data on the Manufacturing ISM showing contraction, could trigger hopes for a looser monetary policy.

In terms of macroeconomics, market participants are waiting for the release of a US employment report that has the potential to affect the direction of the Fed's interest rate policy.

The weakening data could prompt the Fed to cut interest rates, which would be a positive catalyst for the crypto market, Panji explained.

Panji noted that if BTC was able to survive above 112 thousand US dollars (Rp1.84 billion), the chances of an increase towards MA-50 and resistance of 116 thousand US dollars (Rp1.91 billion) would be even more open.

However, investors must continue to pay close attention to the 'September bear' trend as this month has historically been a tough period for Bitcoin with an average performance of -3.77%.

"Historically, September was known as a tough month for Bitcoin," he concluded.