Bitcoin (BTC) Is Currently in a Consolidation Phase, Attempting to Break Through the Resistance Level at Rp1.74 Billion

Bitcoin (BTC) is currently in a consolidation phase, attempting to breach the resistance level at around Rp1.74 billion (US$105,700) for new highs.

The cryptocurrency’s price movements in the past 24 hours show a range between Rp1.71 billion (US$103,735) to Rp1.74 billion (US$105,706), showing decreasing volatility as the key resistance is being tested.

Crypto market analysts are monitoring to see if the bullish momentum can regain strength to push the price beyond this limit.

What Is the Next BTC Price Movement?

Bitcoin’s price movement close to Rp1.74 billion signals significant buying pressure. However, to sustain and surpass this level, strong and consistent trading volume is required.

If the price manages to break this resistance with high volume support, it could validate renewed buying interest in the market. Conversely, failure to break this level could lead to a price correction to the next support level.

The crypto price is currently in a crucial stage for determining the next leg of its journey. A breakout above the resistance at around Rp1.74 billion could propel the price towards the next resistance zone, which is estimated to be around IDR1.80 billion (US$108,000).

On the other hand, a failure to break through this resistance could result in a pullback to the support level at the 200-day Simple Moving Average (SMA), which is located around IDR1.70 billion (US$103,000).

A drop below this level could indicate a weakening of momentum and potential for further declines to the next critical support at the 50-SMA, which is currently at IDR1.64 billion (US$99,000).

What Affects Bitcoin’s Momentum?

Several external factors could affect Bitcoin’s ability to break through current resistance levels. Global market sentiment, monetary policies from major central banks, as well as regulatory developments related to cryptocurrencies could play an important role.

Additionally, inflows and outflows of crypto-based investment products, such as Bitcoin ETFs, could also affect the demand and price of this asset.

According to data from the Deutsche Börse Group, European markets saw a significant inflow of funds into crypto exchange-traded products (ETPs) last week. In total, these products witnessed a net inflow of €1.2 billion (around IDR15.4 trillion).

Among these products, Bitcoin ETPs recorded the majority of the inflows, with an estimated amount of €1.1 billion (IDR14 trillion) flowing into these vehicles. These figures highlight the sustained interest and investment activity in cryptocurrencies.

Technical factors such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators give mixed signals. While some indicators, like the MACD, suggest a continuation of the uptrend, other indicators, such as the RSI, indicate the possibility of being overbought, which could lead to a short-term price correction.

A high RSI, usually above 70, is often used by technical analysts to identify overbought conditions in an asset. In the case of Bitcoin, the RSI has been hovering above 60, which could indicate that the uptrend might be pausing for a correction.

MACD, on the other hand, is anトレンドを示すmomentum indicator that measures the relationship between two moving averages of an asset’s price. A positive MACD, which occurs when the fast-moving average is above the slow-moving average, is typically associated with an uptrend.

In the case of Bitcoin, the MACD has been in positive territory for the past few months, which aligns with the overall upward price movement.

What to Consider

Investors and traders are advised to remain vigilant and conduct in-depth analysis, considering both technical and fundamental factors, before making any investment decisions in the cryptocurrency market.

The market is known for its volatility and rapid price swings, which can be influenced by a confluence of macroeconomic, political, and technological developments.

A comprehensive analysis will involve examining key price levels, such as support and resistance zones, as well as the role of trading volume in confirming trends or reversals.

Technical indicators, such as moving averages, relative strength index (RSI), and MACD, can also provide valuable insights into the market’s momentum and potential turning points.

Moreover, considering fundamental factors like Bitcoin’s hash rate, network activity, and adoption rate is crucial for gaining a holistic view of the cryptocurrency’s long-term health and value proposition.

Investors should also pay attention to macroeconomic trends, monetary policies from major central banks, and regulatory developments that could impact cryptocurrencies.

Finally, it’s essential to manage risk through appropriate position sizing, stop-loss orders, and a diversified