Bitcoin Drops To IDR 1.63 Billion After Longest Shutdown In US History

Illustration of Bitcoin (photo: Pexels)

JAKARTA - Still not green, the price of Bitcoin (BTC) this morning at around 08.00 WIB, decreased again to reach the level of 98,000 US dollars (Rp1.63 miiar), weakening by around 3.50% in the last 24 hours.

This decline came even after US President Donald Trump officially signed a law to reopen federal rule, ending the longest shutdown in US history for 43 days.

However, in the midst of this positive news, the crypto market does not seem to have responded with the big euphoria that many investors expect. Tokocrypto analyst Fyqieh Fachrur sees this as still technical and does not reflect the change in the solid trend.

Fyqieh explained that the effect might not be felt immediately. Because according to him, investors are still waiting for confirmation from the SEC about crypto ETF and the direction of US fiscal policy going forward.

"With DXY (US Dollar Index) continuing to strengthen, many market participants have chosen to hold positions in risky assets such as Bitcoin," he said.

Despite the end of the US shutdown bringing good news to global economic stability, Fyqieh warned crypto investors not to be too optimistic.

"As long as Bitcoin fails to penetrate the 106,000'108,000 US dollars (Rp1.77-Rp1.80 billion) area with a strong volume, the short-term direction is still sideways to bearish. The strong support area is currently in the range of 98,000 US dollars (Rp1.63 billion), while the target for the increase can only be opened if BTC closes daily above 110,000 US dollars (Rp1.83 billion)," he said.

In other words, the euphoria of the end of the shutdown is not enough to revive the Bitcoin bull market. The market is still waiting for a strong catalyst, both in terms of macro and from the crypto industry itself.