Bittime - Bitcoin (BTC) price today showed a glimmer of hope with a 0.51% gain in the last 24 hours, reaching $66,600.62.
While this rise does not signal a definite trend reversal, it may be the start of a price recovery phase.
3 Strong Reasons That Can Trigger a Bitcoin (BTC) Price Rebound
Bitcoin has slumped to its lowest level since peaking at $73,750.07 last March. Since then, the price has moved in a narrow range with balanced bullish and bearish movements.
However, several indicators point to a potential trend shift in the near term. The three main factors that can play an important role in the Bitcoin price rebound are.
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1. Retail Trading Volume and Whales
Retail trading volume and whales are important indicators for measuring capital flows into the Bitcoin ecosystem.
Data from CoinMarketCap shows trading volume currently stands at $12,812,056,073, down 46.85%.
For Bitcoin price to break through the $70,000 resistance again, trading volume would need to show a significant increase in the past week.
Also Read How to Buy Crypto:
2. Large Transactions (Whale Transactions)
Large transactions (whale transactions) on the Bitcoin network also experienced a significant decline of 35.45% to $30.39 billion. An increase in large transaction activity can be a positive signal for Bitcoin prices.
3. Social Sentiment
Social sentiment around Bitcoin is an important factor in gauging investor interest. Positive social sentiment indicators can encourage investors to buy Bitcoin again, thereby driving the price up.
How High Can Bitcoin Go?
Bitcoin price is currently just 9.7% away from its previous record high (ATH), fueling speculation that the coin will soon surpass that level.
Analysts and market experts also spoke, providing various projections about Bitcoin's potential increase in the near future.
One bold prediction comes from PlanB, the creator of the Stock-2-Flow (S2F) model. He predicts that BTC could soar to $500,000 by 2025.
On the other hand, the author of Rich Dad Poor Dad , Robert Kiyosaki, gave a more conservative prediction, namely $350,000 in August.
Amidst these speculations, Bitcoin price is expected to retest the $70,000 level in the coming days.
This movement will certainly be an important moment for crypto investors and traders, who are waiting for significant movements in Bitcoin prices.
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BTC/IDR Price Today
Taken from the Bittime trade page, the price of BTC/IDR today (when this article was published) decreased -0.26%. Currently, Bitcoin IDR is trading IDR 1,088,261,041.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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