Bitcoin Stuck at IDR 1.17 Billion, Bearish Sentiment Still Dominates

Illustration of bitcoin (photo: Pixabay)

JAKARTA - The price of Bitcoin (BTC) has again experienced a correction. Based on the latest market data on Tokocrypto, Bitcoin is trading at the level of 69,658 US dollars (Rp. 1.17 billion), down 1.65% in the last 24 hours.

This weakening occurred amid selling pressure that still dominates the overall crypto market, as well as confirming that the consolidation phase towards a clearer trend is still ongoing.

Even so, Financial Expert Ajaib, Panji Yudha, said that Bitcoin's movement began to enter a calmer trading phase after experiencing sharp pressure due to massive deleveraging.

"Bitcoin briefly touched a 52-week low near US$60,000, before eventually experiencing limited recovery," Panji said in a statement received on Tuesday, February 10.

On the other hand, Tokocrypto sees that the pressure on the BTC price is inseparable from the still fragile global crypto market conditions. Macroeconomic uncertainty, monetary policy expectations, and investor risk-off attitudes also affect Bitcoin's movement.

"In this situation, investors tend to reduce exposure to risky assets, including crypto," he explained further.

From a technical point of view, the $68,000 area (IDR 1.14 trillion) is an important support level in the short term. If Bitcoin fails to hold above this zone, the potential for further decline towards the next support area could open.

"On the other hand, to restore positive sentiment, BTC needs to break back above $71,000, which was previously the upper limit of daily movement," he concluded.