JAKARTA – After experiencing strengthening over the past few days, the Bitcoin price slipped to the level of 10,969 US dollars per coin. Exchange rate cryptocurrency against the rupiah was still in the range of Rp160 million.
Quoting the Coindesk market index report, at 16.45 WIB, the Bitcoin (BTC) exchange rate was corrected negatively to 2.82 percent in today’s trading closing. As a result color cryptocurrency observed to flush.
“The sudden rally has pushed the 14-day relative strength index (RSI) above 80.00. Measures over 70.00 are considered overbought, which means the bullish move is now overblown,” said Eterna Capital co-chief investment officer Asim Ahmad, Thursday, July 30th.
Today’s Bitcoin market index (Coindesk Screenshot)
At the same time, the price is also at resistance around the 11,200 US dollar level, so that currently the potential for price to decline will tend to be even greater. A number of market analyzes have suggested Bitcoin’s rate has only decreased.
“We don’t see the move to $ 11,000 as significant and we anticipate a much higher valuation,” said George Clayton, managing partner of Cryptanalysis Capital.
Clayton noted the European Union issued a stimulus size of 570 billion euros, and a US policy package that provides $ 1 trillion in new spending if an agreement between President Trump and Congress is reached. Meanwhile the crypto derivatives market also heated up, with trading volume movements increasing significantly during the month of July.
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