JAKARTA - Bitcoin (BTC) movement still shows resilience amid rising global geopolitical tensions, especially conflicts involving Iran and the United States.
In recent days, the price of Bitcoin has experienced a correction to reach the range of US$66,000-67,000 (Rp1.11 - Rp1.13 billion) before recovering and moving around the level of US$68,000-72,000 (Rp1.14 - Rp1.2 billion).
Tokocrypto analyst, Fyqieh Fachrur, assessed that this dynamic reflects that the crypto market still has a fairly strong demand foundation, especially from investors who take advantage of the momentum of price corrections.
"The rapid recovery of Bitcoin's movement after being corrected shows that investor buying interest is still active, especially in the spot market," said Fyqieh in his statement Thursday, March 5.
However, according to Fyqieh, the response of the crypto market is relatively more stable compared to other risky assets.
"Even though global sentiment is being influenced by geopolitical tensions and rising energy prices, Bitcoin is still able to maintain a relatively stable price area. This shows that the market has a fairly good resilience," he explained.
In addition to support from retail investors, the inflow of funds into Bitcoin-based investment products such as ETFs also shows a positive trend.
Several reports have noted inflows of hundreds of millions of US dollars in recent days, indicating that institutional investors' interest in Bitcoin is still quite strong.
According to Fyqieh, the presence of institutional investors through products such as ETFs also helps maintain market stability. "This helps maintain market liquidity and provide support for prices when there is short-term pressure," he said.
In the midst of global market dynamics, Bitcoin is currently still moving within a certain price range or range-bound. The level of 70,000 US dollars (Rp1.18 billion) is one of the technical areas considered important to maintain the momentum of price movements.
Fyqieh said that the level serves as a support area that needs to be maintained so that the short-term trend remains positive.
However, he also reminded that volatility could still occur considering that global markets are still sensitive to geopolitical developments and economic policies.
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