Indodax describes BTC correction to US$66,000 as a normal cycle
Jakarta — The price of Bitcoin (BTC) came under renewed pressure over the past 24 hours, falling 1.25 per cent on Thursday (19 February) to around US$66,450 (equivalent to approximately Rp1.11 trillion).
Domestic crypto market participants said the decline in BTC’s price — following the release of the latest Federal Open Market Committee (FOMC) meeting minutes, which revealed differing views among US central bank officials — represents a normal cycle and a consolidation phase for Bitcoin.
Indodax Vice President Antony Kusuma stated in Jakarta on Friday 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 simply adjusting their timeline expectations for Fed interest rate cuts,” he said.
According to him, although Bitcoin is currently trading below US$67,000, the movement remains within a healthy consolidation range. The US$64,000 area serves as a strong support level, and historically, such consolidation phases have often laid good foundations before the market resumes its upward trajectory.
On the same occasion, Antony highlighted the connection between global conditions and domestic monetary policy, noting that Bank Indonesia’s decision on the BI Rate — currently at 4.75 to 5.5 per cent — will determine 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,” he said.
Amid the dynamics of interest rates and still-evolving global geopolitical issues, he added, crypto investors need not panic, as macroeconomic conditions like these serve as a reminder of Bitcoin’s primary function as a resilient long-term hedge asset.
“We see this as a good opportunity for investors to plan their portfolios more carefully,” he said.
As a crypto exchange platform, Indodax continues to educate its members to remain rational amid market volatility and urges investors to always conduct their own research (DYOR) and maintain strict risk management.
At a time when the market is under significant macroeconomic pressure, a gradual investment strategy known as Dollar Cost Averaging (DCA) remains the wisest option for mitigating volatility.