Starting in 2023, the crypto market looks passionate. It is proven that the price of Bitcoin (BTC) has again reached a psychological level above US$20,000 or around Rp. 300 million in the last few days.
Tokocrypto's team of analysts sees the market rise driven by a cool US dollar index (DXY) and positive US inflation data, the latest Consumer Price Index (CPI) report released last week.
US inflation data was announced to fall according to predictions to 6.5 percent. The slower inflation rate is likely to pave the way for the Fed to lower the rate of interest rate hike to 25 basis points from 50 bps in December 2022.
The increase to 20,000 dollars is the first time since the collapse, FTX, which began collapse last November. At that time, BTC plunged free from US$21,300 to US$15,600 or 20% in just five days.
"The increase in BTC prices is also pumping the overall crypto market cap to almost reach 1 trillion US dollars. This has also increased the confidence of crypto market players, so that market sentiment is back positive," explained the Tokocrypto Analyst Team.
Is there a Bull Trap Threat?
From technical analysis, Bitcoin appears to have entered the resistance zone which is in the range of $21,000. But on the other hand, there is a bull trap threat that investors must watch out for.
Bull trap itself is a term for false signal which refers to a downward trend in investment after the price had penetrated the support level.
High purchasing pressure is the main factor in increasing the price of Bitcoin, this can be seen from the increase in Relative Strength Index (RSI) which has succeeded in reaching level 50. If the RSI signal is above 50, then the trend is rising.
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