BTC Nears 79,500 Dollars with Positive Momentum Amid Geopolitical Dynamics

Jakarta (ANTARA) - The strengthening of Bitcoin (BTC) price approaching the 79,500 US dollar level on Wednesday (22/4), after previously correcting to around 74,000 US dollars at the beginning of the week (20/4), is seen as positive momentum amid geopolitical dynamics. According to INDODAX Vice President Antony Kusuma, this strengthening is driven by solid institutional fund inflows, reflected in the accumulation of funds in spot Bitcoin ETF products amounting to around 250.22 million US dollars throughout the week, with a total accumulation of 57.95 billion US dollars. “This trend indicates that demand and confidence in crypto assets remain intact amid global market dynamics,” he stated in his comments in Jakarta on Friday. What is quite interesting, according to him, is that the rise occurs amid increasing geopolitical tensions following Iran’s refusal to continue negotiations with the US, despite previous US efforts to extend a ceasefire. He added that this condition shows that Bitcoin’s movements are not only influenced by global risk sentiment but also by the strength of demand, particularly from institutional investors in the long term. He assesses that the current Bitcoin strengthening reflects a market structure change that is increasingly driven by institutional investor participation. “Bitcoin’s movements currently are not only influenced by short-term sentiment but also by increasingly consistent demand from institutional investors, as seen in inflows through spot ETF products,” he said. Amid global uncertainty, he continued, this condition is instead utilised by some investors as an accumulation opportunity. This becomes one of the factors supporting the price, although short-term volatility still needs to be anticipated. He explained that besides institutional demand factors, US monetary policy dynamics also influence market movements. The affirmation of central bank independence reflects The Fed’s commitment to maintaining economic stability, but on the other hand, uncertainty in interest rate direction amid inflation conditions that are not yet fully stable makes market participants tend to be cautious towards risky assets, including crypto, in the short term. However, the increasing openness to digital assets as part of the modern financial system also provides positive sentiment for the long-term prospects of the crypto industry. In addition, price movements are also influenced by activities in the derivatives market. In recent times, many short positions have been forced to close when prices start to rise, thus triggering a short squeeze. This increases demand in a short time and accelerates price strengthening in the short term. Overall, according to Antony, the combination of geopolitical dynamics, macroeconomic factors, institutional participation, and technical conditions in the derivatives market indicates that the current crypto market structure is increasingly complex. Nevertheless, he added, volatility remains the main characteristic, so investors need to prioritise risk management and conduct independent research before making investment decisions.