Bitcoin Sideways, Will It Down To IDR 1.48 Billion Or Up To IDR 1.7 Billion?

Illustration of Bitcoin (photo: Unsplash)

JAKARTA - Bitcoin (BTC) has not been able to move through the figure in the range of 94,000 to 100,000 US dollars (Rp1.52 - 1.62 billion) in the last 14 days.

"The price movement is quite sharp, where BTC has the potential to rise to US$105,000 (Rp1.7 billion) if it is able to penetrate psychological resistance at US$100,000 (Rp1.62 billion)," said the Financial Expert Ajaib, Panji Yudha in a written statement.

However, Panji added, if BTC drops below $94,000, further corrections may occur with the next support of around $91,000.

Panji explained that this week, crypto market players must be prepared to face US economic data that could trigger volatility. Moreover, the main focus is on the January FOMC minutes released on February 19, which provides insight into the Fed's interest rate policy.

Jerome Powell's statements that are not in a hurry to lower interest rates, despite Donald Trump's pressure, are increasingly being watched by the market, Panji added.

In addition, reports of initial unemployment claims on February 22 will be an important indicator. Last week, the claim figure fell to 213,000, lower than expected.

If this number goes up again, the market can anticipate the potential for faster rate cuts, which could increase Bitcoin's appeal as an alternative asset," he concluded.