Bitcoin

There are several reasons why the price of Bitcoin potentially tests the $32,500 level (equivalent to IDR 482.7 million) this week, after successfully reaching $30,000 for the first time since June 2022. One of the notable reasons is the weakening of the US dollar due to many countries calling for limiting the use of the greenback.For the first time since June 10, 2022, Bitcoin managed to surpass the significant level of $30,000 on Tuesday (4/11/2023) as a continuation of the rally that has been going on since the beginning of 2023 with a return growth of more than 80 percent.There are various positive factors that contribute to the highest price of Bitcoin in 2023, and this week, it is technically testing $32,500, namely because some countries are seeking alternatives to replace the US dollar and the release of US Consumer Price Index (CPI) data for March on Wednesday (4/12/2023).One of the reasons why Bitcoin price rises and is followed in the crypto market in general began to surge in January 2023, as the US inflation rate began to decline since late 2022. This decline in inflation raised expectations for looser monetary policy by the Federal Reserve in 2023.This was followed by a smaller increase in interest rates, namely 50 basis points (bps), and the latest was only 25 bps, after four consecutive increases of 75 bps since March 2022.Another reason why Bitcoin prices experienced a new resurgence in late March 2023 was due to the liquidity crisis affecting Silicon Valley Bank and Signature Bank in the United States, which prompted investors to shift their assets to alternative investments such as Bitcoin. At the same time, The Fed&#39;s financial balance sheet skyrocketed in just one week, as a sign of increasing dollar liquidity.Recently, BRICS countries (Brazil, Russia, India, China, and South Africa) are considering alternatives to replace the US dollar as a transaction tool. Further plans for this new currency will be discussed at the BRICS Summit in August 2023.The shift from the US dollar by the BRICS alliance will affect its position in the international market, resulting in a decrease in demand and value in global trade.Currently, the five BRICS countries contribute 31.5 percent of the world&#39;s total GDP. This figure is higher than the G7 countries, which contribute 30.7 percent of the world&#39;s total GDP.<h2 id="header-0">Bitcoin Price Rise Due to Weakening Dollar</h2>&#34;The decline in the value of the US dollar will affect crypto assets&#39; prices, especially Bitcoin, which has a strong correlation. When the US dollar strengthens, the price of Bitcoin generally falls, and when the value of the US dollar decreases, the price of Bitcoin tends to rise,&#34; said Panji Yudha, a <a href="https://blockchainmedia.id/ini-penyebab-harga-bitcoin-berpotensi-berotot-uji-us32-500/" rel="noopener noreferrer nofollow">Crypto Finance Expert at Ajaib to Blockchainmedia.id</a>, Tuesday (4/11/2023).Panji believes that after surpassing $30,000, Bitcoin&#39;s nearest resistance price target is $30,700 for the next day, Thursday (4/12/2023).During the next week until Sunday (4/16/2023), Bitcoin is expected to test the price range of $32,500 to maintain its bullish momentum.Furthermore, according to the daily time frame, BTC managed to break out of the symmetrical triangle pattern and has the potential to reach $30,700. The Stochastic indicator is rising, and the MACD histogram bar shows limited bearish momentum.&#34;The current support is in the range of $29,175, with resistance around $30,700,&#34; added Panji.<h2 id="header-1">Testing $32,500</h2>On the weekly time frame, BTC has the potential to test the dynamic resistance, MA-100, which is in the range of $32,500.&#34;This is supported by BTC&#39;s movement that has come out of the neckline of the inverse head and shoulder pattern. In addition, there are indications of a golden cross with MA-20 crossing above the MA-50 line. The Stochastic indicator is in the overbought zone, and the MACD histogram bar shows bullish momentum,&#34; said Panji.Overall, the weakening of the US dollar, coupled with the growing interest in Bitcoin as an alternative investment, has contributed to the recent surge in Bitcoin prices. However, it is important to note that the cryptocurrency market is highly volatile and subject to fluctuations, and investors should exercise caution and conduct thorough research before investing in any cryptocurrency. []Read more articles on <a href="https://blockchainmedia.id/" rel="noopener noreferrer nofollow">Blockchainmedia.id</a>, the pioneer of blockchain-crypto cyber media in Indonesia

This is Why Bitcoin Price Potentially Tests $32,500

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