JAKARTA - On Friday, March 31 at 12.00 WIB, the price of Bitcoin was still in the range of more than IDR 423 million. The increase in crypto prices today was also experienced by the Ripple crypto which rose 3.07 percent and also Avalanche which rose 4.76 percent.
But actually, the rally in crypto price increases has indeed occurred since the beginning of March. So, it can be said that March is the month where crypto is experiencing a bullish rally.
As a actor in the crypto industry, Indodax CEO Oscar Darmawan explained that the cause of the increase in crypto was basically because the demand for crypto assets was far more than supply.
However, there are other triggers that cause demand for cryptocurrencies to rise. For example, when Bitcoin touched its highest price of nearly one billion rupiahs, the trigger factor was because many people were increasingly literate about the existence of Bitcoin and crypto.
"They get a lot of awareness from the mass media where the price of Bitcoin increases by a percentage, so they decide to buy Bitcoin. Bitcoin, which has a maximum supply, is faced with the large number of purchases from the public automatically, which will make the price even higher," Oscar explained in a written statement received in Jakarta.
Not only that, other triggers such as global macroeconomic conditions, be it the decision of the United States interest rate The Fed or the case of bank collapse as experienced by the world's famous bank at the end of the year are also triggers for crypto to experience bullish.
"Although the bullish rally in cryptocurrencies occurred in Q1 2023, it is very important for traders not to FOMO and first study crypto trading tips in order to determine the right buying price and selling price so that they can get maximum profit. One of the things to watch out for in this bullish rally moment is the existence of bull traps in crypto," he said.
According to Oscar, to avoid bull traps is important for each investor to learn first how good trading techniques before jumping into crypto transactions.
In addition to conducting independent research, investors also need to understand the term Relative Strength Index (RSI) which is used to measure price movements. The term RSI in crypto is an indicator to determine market conditions where cryptocurrencies are buying too much or selling too much.
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