Bitcoin (BTC) Price Drops 1.5%, Will It Continue To Fall?

Bittime - The price of Bitcoin (BTC), the most popular cryptocurrency in the world, experienced a decline today, June 14 2024. Based on data from CoinMarketCap, as of 15:30 WIB, the price of BTC was around IDR 539.2 million, down 1.5% compared to Yesterday.

Today's BTC price decline occurred amid sluggish cryptocurrency market movements overall. Several other cryptocurrencies, such as Ethereum (ETH) and Cardano (ADA), also experienced price drops today.

Despite experiencing a decline, BTC price movements in the last week have been quite volatile. Prices touched the highest level of IDR 583.1 million last Monday, but then declined to the current level.

This article will discuss the current situation of the BTC/IDR price, the factors that influence the price, and whether BTC is still attractive to buy.

Factors Affecting BTC/IDR Prices

BTC/IDR prices are influenced by various factors, both internal and external. Some factors that need to be considered include:

• BTC Demand and Supply: The higher the demand for BTC, the higher the price. Conversely, if BTC supply is higher than demand, the price will tend to fall. The demand for BTC can be influenced by various factors, such as investors' interest in cryptocurrency, the use of BTC in various transactions, and so on.
• Market Sentiment: Overall market sentiment towards cryptocurrencies can influence the price of BTC. If market sentiment is positive, BTC prices will usually rise, and vice versa. Market sentiment can be influenced by various factors, such as news and regulations related to cryptocurrency, global economic conditions, and so on.
• Competition with Other Cryptocurrencies: BTC has many competitors in the cryptocurrency market, such as Ethereum (ETH), Cardano (ADA), and Binance Coin (BNB). This competition can influence the price of BTC. If other cryptocurrencies experience an increase in popularity, the price of BTC may fall.
• Regulations: Government regulations regarding cryptocurrencies can impact investor confidence and ultimately impact their prices. For example, if a country's government bans the use of cryptocurrencies, the price of BTC will likely fall.

BTC/IDR Trend Analysis

Despite today's decline, the long-term BTC/IDR price trend is still positive.

• Increased Cryptocurrency Adoption: Cryptocurrencies are increasingly being adopted by various companies and organizations. This could increase demand for BTC and drive future price increases.
• Bitcoin Halving: Bitcoin Halving is an event that occurs once every four years where the number of new Bitcoins printed is halved. This could lead to a Bitcoin shortage and drive the price up.

Is BTC Still Interesting to Buy?

The decision to purchase BTC or any other cryptocurrency should be based on careful research and consideration. Some factors to consider before buying BTC include:

• Risk Tolerance: Investing in cryptocurrency is a high-risk investment. Cryptocurrency prices can experience large fluctuations in a short period of time.
• Investment Objectives: Determine your investment goals. Are you investing for the short term or long term?
• Portfolio Diversification: Don't just invest in BTC, but also diversify your portfolio with other investment assets.

Although BTC investment is high risk, the potential for profit is also large. With good research and the right investment strategy, BTC can still be an attractive investment option.

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.