JAKARTA - The price of Bitcoin (BTC) has corrected below $90,000, amid short-term pressure from ETF fund outflows and market participants' profit-taking.
This correction occurred even though US economic data indicated a weakening of the labor market which could open up room for further interest rate cuts by the US central bank (The Fed).
Overall, the global crypto market capitalization corrected by about 3.2% to $3.08 trillion, with pressure also seen on Ethereum and a number of major altcoins.
In a statement received on Thursday, January 8, Tokocrypto analyst, Fyqieh Fachrur, assessed that this movement more reflects a healthy consolidation after a strong rally.
"The fundamentally weak US labor data actually supports risky assets such as Bitcoin because it increases the chances of interest rate cuts. However, in the short term, the market is still overshadowed by profit-taking actions, ETF pressure, and leverage adjustments," he said.
Market pressure was exacerbated by the outflow of Spot Bitcoin ETF funds, which reached around US$243 million in one day, led by Fidelity and several other major asset managers.
Sales activity from miners (miners) and the liquidation of derivative positions also accelerated the correction, with more than 64 million US dollars of Bitcoin positions liquidated in the last 24 hours.
However, Fyqieh assessed that the medium-term trend of Bitcoin is still relatively maintained as long as the price is able to sustain above the main support area of 90,000 US dollars (Rp. 1.51 billion).
"The rejection at the resistance of 94,000 US dollars (Rp. 1.57 billion) triggered a technical correction. However, as long as the main support is not broken, this movement is more towards consolidation, not a trend reversal," he explained.
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