Bitcoin Drops, Analyst Reveals Recovery Requirements For Bullish Return

Bitcoin illustration (photo: Unsplash)

JAKARTA - Bitcoin is currently still perched around the level of 102,000 US dollars or around Rp. 1.7 billion. Based on CoinMarketcap data, over the past 24 hours Bitcoin has fallen by about 2.74 percent.

The Financial Expert Ajaib, Panji Yudha, revealed that the market experienced extreme shocks due to falling prices so quickly. "The total liquidation reached more than 1.28 billion US dollars, and most (about 1.16 billion US dollars) came from long (buy) positions," said Panji.

This fast Crash occurred when Bitcoin fell from USD 108,000 (IDR 1.8 billion) to USD 104,000 (IDR 1.73 billion) on Tuesday, November 4, while Ethereum (ETH) was corrected from USD 3,700 (IDR 61.8 million) to USD 3,500 (IDR 58.5 million) in just one hour.

Even so, Panji assessed that recovery opportunities are still open. "Bitcoin is still in the long-term upward channel and is above the average range last year. However, the market remains very vulnerable," he said.

"Despite the fast crash, hope for the bulls has not been completely lost. Bitcoin is currently still in the long-term upward channel and is above last year's average range. However, the market remains very vulnerable (vulnerable)," Panji explained.

To cancel the bearish view, according to Panji, BTC needs to reclaim the US$111,000 (Rp1.85 billion) level. The US$107,000 (Rp1.78 billion) zone of up to US$100,000 (Rp1.67 billion) will be a crucial technical area that must be considered.

Because if the price penetrates below that range, Panji added, the potential for further reduction could be even greater in the future.