JAKARTA - In the last 24 hours, Bitcoin (BTC) has been recorded to have weakened by around 2.22% and is hovering at the level of US$66,000 (Rp1.1 billion), continuing the downward trend in the last three days.
Tokocrypto analyst, Fyqieh Fachrur, stated that the pressure in the crypto market occurred amid rising geopolitical tensions, including speculation on the potential escalation of the conflict in the Middle East.
"Polymarket data shows an increased probability of US military action against Iran, pushing up oil prices and safe haven assets such as gold and the Swiss franc. On the other hand, Bitcoin is moving in line with risky assets such as technology stocks," said Fyqieh.
However, he assessed that this time the decline was triggered more by deleveraging in the derivatives market than by the fundamental factors of Bitcoin itself.
According to Fyqieh, technically Bitcoin is currently in a consolidation phase with neutral to bearish tendencies in the short term.
"Level 67.088 US dollars (Rp1.18 billion) is a crucial fibonacci support. If it is able to survive above this area, there is a chance of rebound towards 68.400 US dollars (Rp1.15 billion)," explained Fyqieh.
However, if it breaks down, Fyqieh added, there is a potential for a further decline to below $66,500 (Rp1.1 trillion open in the next 24-48 hours).
A number of global analysts have also noted that Bitcoin is now increasingly correlated with high-risk technology stocks, no longer seen as a hedge asset.
Fyqieh added that macroeconomic dynamics, including expectations of the Fed's interest rate policy and US inflation data to be released in the near future, will be the main catalyst for the next price movement.
"Bitcoin is currently very sensitive to US economic data. If inflation shows a significant slowdown and opens up room for a faster interest rate cut, we could see a recovery momentum. However, the 'higher for longer' narrative is still a medium-term pressure," he concluded.
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