Crypto Movement Still Overshadowed By Profit Taking Action Ahead Of US Inflation Data

Illustration (Photo: Doc. Antara)

JAKARTA - The Magical Financial Expert of Crypto Panji Yudha conveyed that the movement of Bitcoin (BTC) and Alternative coin (altcoin) will still be overshadowed by the actions of investors who are busy taking profit-taking ahead of the announcement of US inflation data later tonight, Tuesday November, November 14.

This week there are various US economic data, including Consumer Price Index (CPI), retail sales, and Producer Price Index (PPI).

CPI in October, according to consensus, is predicted to fall to 3.3 percent yoy, down from 3.7 percent yoy in September.

However, the core CPI in October (excluding food and energy) is not expected to change from September at 4.1 percent yoy.

Panji said that this week investors were seen taking profit-taking and risk off while waiting for the release of US economic data.

In addition, the results of a series of economic data can also affect investor sentiment and market dynamics that often affect investment strategies in various types of digital assets.

"In addition to economic data, the crypto community is also looking forward to how the SEC's decision or response to the spot's Bitcoin ETF looks this week," Panji said in a press release, Tuesday, November 14.

Panji said the important event in the past week in the spotlight was BlackRock's registration of the Ethereum iShares Trust in Delaware. BlackRock has confirmed its plans to launch an Ethereum exchange-trained fund (ETF) through a 19b-4 form submission to the United States Securities and Exchange Commission (SEC) on Thursday 9 November.

"This shows that institutional interest in crypto has not been completed in the midst of the actions of well-known investment managers who have proposed a Bitcoin spot ETF in the last 6 months," he explained.

Panji observed that the news of the ETF Blackrock had triggered the movement of the crypto market on Thursday, November 9, causing the price of Bitcoin to soar near the price of US$38,000 for the first time in 18 months, while Ethereum surpassed the US$2.100, which was last reached in April.

In addition, most altcoins have also surged rapidly in the past week the impact of the news, such as Solana (SOL), Avalanche (AVAX), and Polygon (MATIC) compactly shot up more than 20 percent in the past week.

Panji said the development of cryptocurrencies in Asia continues, including Hong Kong showing significant activity.

The Hong Kong Securities and Futures Commission issued guidelines for the trading of tokenized investment products, which show a cautious and progressive attitude in integrating crypto into a financial framework.

Selanjutnya, SEBA Bank di Hong Kong mendapatkan lisensi untuk layanan kripto. Sementara UBS Group mengizinkan klien Hong Kong memperdagangkan ETF kripto berjangka (futures).

This reflects the increased adoption of crypto in the region.

Panji believes that after seeing the Bitcoin price spike that nearly reached $38,000 last week, BTC currently has the potential to move in the support area of around $35,000.000.

If able to survive in that range, BTC is likely to rise back to around $38,000, with its next target at 40,000 US dollars.

On the other hand, if there is a breakdown below $35,000, the BTC's drop could potentially go to 33,500 US dollars.

Meanwhile, Panji said, Ethereum (ETH) has the opportunity to continue the rally to a price level of 2,200 US dollars - 2,500 if it remains above the psychological support level at 2,000 US dollars.

According to Panji in the past week, the majority of altcoins reached their highest price this year, so that the next movement of altcoins depends on changing the Bitcoin trend.

"Traders are expected to prepare with a stoploss to reduce the risk of losses in the event of a decrease in Bitcoin," concluded Panji.