How Does CS' Bitcoin Reaction Ahead Of The Release Of US Economic Data?

Illustration of Bitcoin (photo: Pixabay)

JAKARTA - Bitcoin (BTC) and altcoin movements on Tuesday, November 14 morning were observed to be in the red zone. Where what fell by 2.30 percent in the last 24 hours was trading at a price of 36,260 US dollars (Rp569.2 million).

On the other hand, at the same time the price of Ethereum (ETH) jumped nearly 7.58 percent in the last seven days, but fell 1.00 percent in the last 24 hours trading at around 2.037 US dollars (IDR 31.97 million).

The Financial Expert Ajaib Kripto, Panji Yudha, explained that although the crypto market is in bullish, it seems that investors are taking profit taking and risk off temporarily while waiting for the release of US economic data this week.

"The results of a series of economic data (including CPI, retail sales, and PPI) can also affect investor sentiment and market dynamics that often affect investment strategies in various types of digital assets," said Panji in a statement received by VOI.

"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," he added.

One of the important events in the spotlight in the past week was BlackRock's registration of the Ethereum iShares Trust in Delaware. According to Panji, this news triggered the movement of the crypto market

According to him, after seeing the Bitcoin price spike, which almost reached US$ 38,000 (Rp597 million) last week. Currently, BTC has the potential to move in the support area of around US$35.000 - 36,000.

If able to survive in that range, BTC has the opportunity to rise again to the range of US$ 38,000 (Rp597 million) with the next target of US$40,000 (Rp627.9 million). On the other hand, if there is a breakdown below US$35.000 (Rp549.4 million), the decrease in BTC has the potential to go to 33,500 US dollars (Rp557.29 million), "he concluded.