Bitcoin Corrects as Indodax Calls Consolidation Phase a Normal Cycle

Jakarta, VIVA – The release of the latest Federal Open Market Committee (FOMC) meeting minutes, which revealed divergent views among US central bank officials at the Federal Reserve, has put renewed pressure on the price of Bitcoin (BTC).

Based on market data on Thursday (19 February), Bitcoin corrected by 1.25 per cent to around US$66,450 (equivalent to Rp1.11 trillion). Hopes for near-term global interest rate easing directly drove the crypto market sentiment index to plunge to “Extreme Fear” levels.

The latest FOMC minutes showed that policymakers were nearly unanimous in maintaining interest rates at current levels. However, markets responded negatively to the divergence of views regarding the Fed’s next steps. A number of officials left the door open for rate increases should inflation remain persistent, whilst others were willing to cut rates if price pressures eased.

The lingering higher-for-longer stance has placed pressure on global liquidity, reflected in the strengthening of the US Dollar Index (DXY) to the 97.7 level, directly impacting risk assets with corrections. This triggered a sell-off that caused total crypto market capitalisation to shrink. According to CME Group’s FedWatch Tool data, market participants are now pessimistic, with less than a 50 per cent probability of a minimum 25 basis point rate cut before the June meeting.

In response, Indodax’s Antony Kusuma stated that Bitcoin’s fundamentals remain in very sound condition amid the consolidation phase. The price correction following the FOMC minutes release is a perfectly normal and temporary market reaction.

“Global investors are currently simply adjusting their timelines for Fed rate cuts. Although Bitcoin is currently below US$67,000, this movement remains within a healthy consolidation range. The US$64,000 area represents a strong support level, and historically, consolidation phases like this often serve as a solid foundation before the market resumes its upward trend,” said Antony in a statement on Saturday, 21 February 2026.

Furthermore, Antony highlighted the connection between global conditions and domestic monetary policy. Bank Indonesia’s decision regarding the BI Rate, currently at 4.75 to 5.5 per cent, is considered crucial in determining the direction of domestic investor liquidity. Bank Indonesia’s future steps in maintaining the stability of the Rupiah exchange rate will certainly provide certainty for the domestic economy.