JAKARTA - The crypto asset market showed signs of recovery in the last 24 hours. Bitcoin (BTC) was recorded to have strengthened by 1.38% and traded at the level of US$89,450 or around Rp1.49 billion on Wednesday, January 28 morning.
Despite strengthening, the current Bitcoin price is still quite far from its all-time high at the level of 126,198 US dollars or around Rp3.28 billion.
Tokocrypto revealed that this significant distance indicates that the crypto market is still in the adjustment phase after the previous extreme volatility.
For long-term investors, conditions like this are often seen as a phase of trend re-formation. However, for short-term traders, the situation indicates that price movements are still prone to change quickly along with the dynamics of market sentiment.
In the midst of this situation, investors' attention is now focused on the FOMC interest rate announcement scheduled for Thursday, January 29 at 02.00 WIB.
Based on CME FedWatch data, Financial Expert Ajaib Panji Yudha stated that a probability of 97% indicates that the Federal Reserve will hold the benchmark interest rate in the range of 3.5%–3.75%, as inflation is still high and employment data is considered less solid.
Positive sentiment also comes from the adoption of governments and institutions, where South Dakota officially submitted a draft law to establish a Bitcoin Reserve (Bitcoin Reserve) sourced from state government revenues.
"This step strengthens the trend of adopting crypto as a strategic reserve asset in the United States," Panji explained in his statement.
In general, Bitcoin's movement today reflects a market that is still waiting for new catalysts. The increase that occurred was not followed by an impulsive surge, indicating that market participants tend to be wait and see.
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