Bitcoin Price Drops, What Should Be Done?

Photo: Bitcoin illustration (photo: Unsplash)

JAKARTA - The crypto market was again volatile on Thursday night, where the price of Bitcoin plummeted below its strongest psychological level of US$30,000, dropping drastically close to a one-month low towards a price of 29,500 US dollars.

Tokocrypto External Trader, Fyqieh Fachrur, explained that Bitcoin has struggled to survive with a range of price movements ranging from 30,000 to 31,000 dollars, at least for a long time.

"After positive sentiment emerged on Bitcoin assets in the first six months of 2023, now BTC price movements have experienced a stagnation period that ranges from 29,000 US dollars. In the future, it is likely to be traded sideways or downwards," explained Fyqieh.

According to Fyqieh, there are several main causes of the decline in the crypto market and especially Bitcoin. First, reports from the United States government that returned to selling Bitcoin were confiscated by Silk Road.

Second, the US stock exchange Nasdaq announced it would cancel plans to launch a cryptocurrency custody service. According to him, the news is a significant blow, amid the recovery of the US crypto industry.

"Crypto market reaction shows that crypto investors have returned to the wait and see position to see the sentiment situation lately. It takes consideration and drive to move the market back to a positive direction," he said.

"So, even though the price of Bitcoin appears to be closed in the short term, it seems that the current decline can put minimal pressure down," explained the Tokocrypto trader.

The uncertainty in the price of Bitcoin, which shows a little volatility and has no clear direction, makes market participants confused about what the next step will be.

"However, if the price of Bitcoin penetrates above the 30,000 US dollar resistance region again, there may be positive changes, leading to a potential long-term upward trend," he concluded.