JAKARTA - The price of Bitcoin again recorded history breaking its all-time high at US$112,000 or around Rp1.81 billion on Thursday, July 10, up nearly 3% a day.
The surge in prices was triggered by increased market optimism for the potential cut in interest rates by the Federal Reserve (The Fed) at the end of July or the end of this year.
"This spike indicates that crypto investors are starting to anticipate easing monetary policy that can increase market liquidity," said Tokocrypto analyst Fyqieh Fachrur, in a written statement.
According to him, the level of 112,000 US dollars (Rp1.81 billion) is an important psychological area, and if this momentum continues, BTC could test the next level of resistance at 115,000 to 118,000 US dollars (Rp1.86-1.91 billion).
"The increasing hope for the Fed's interest rate reduction in the third quarter also prompted the US BTC spot ETF demand," added Fyqieh.
Despite the accumulation of short-term and long-term investors based on on-chain data, analysts warn that spot demand on crypto exchanges still tends to be weak.
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Thus, this raises concerns whether price spikes can be sustainable without a solid volume boost from the retail market.
But technically, Fyqieh explained that if Bitcoin was able to close prices above 112,500 US dollars (Rp1.82 billion), then there would be a potential for strengthening to 115,000 to 118,000 US dollars (Rp1.86 to Rp1.91 billion).
"However, if it fails to stay above the zone, price corrections can occur with the closest support at 110,800 US dollars (Rp1.79 billion) and 109,750 US dollars (Rp1.78 billion)," he concluded.
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