Bitcoin Sets a Record of Rp1.8 Billion! But Analysts Warn This Is Not A True Bullish Signal

Jakarta, Pintu News – Bitcoin (BTC) set a new all-time record high (ATH) at $111,000 or around Rp1.8 billion (assuming an exchange rate of Rp16,300/USD) on May 22, 2025. However, this historical achievement has been met with skepticism from some analysts, who believe that the surge does not reflect the true strength of the market. Is this really a bullish signal, or just a temporary effect of the weakening US dollar?

BTC’s ATH Marked by Divergence in Non-USD Currency Pairs

One of the most vocal analysts voicing skepticism is Tony “The Bull” Severino, a certified technical analyst. He emphasized that while BTC/USD hit a new record, this was not followed by BTC pairs in other major currencies such as the Euro, Japanese Yen, British Pound, and even gold (XAU).

For example:

• BTC/EUR is still stuck at €93,229, far from the previous ATH of €105,890.
• BTC/JPY has yet to touch ¥17 million, currently hovering around ¥15.28 million.
• BTC/GBP formed a lower high at £78.228, nowhere near the historical high.
• BTC/XAU (Bitcoin to gold) is still hovering around 32 ounces, far from its peak of 41 ounces.

This divergence suggests that the surge in the price of Bitcoin in USD may be more due to the weakening value of the dollar rather than the fundamental strength of Bitcoin itself.

Also Read: Pi Network (PI) Token is Ready to Flood! What Happens If the Price Falls Below IDR6,500?

Attention to the Monthly Candle: Signal of Correction or Consolidation?

Severino also warned that BTC’s current movement is still not confirmed as a true breakout. He highlighted the importance of the June monthly candle open and May candle close as determinants of the next direction. If there is no further strengthening or technical confirmation across pairs, this trend risks turning into a major correction.

At the time of writing, the Bitcoin price is listed at $104,850 (Rp1.71 billion), with a daily low of $103,832. This is a mild correction from June’s opening at $104,646.

Is This a New Bubble or the Start of a Big Trend?

While many crypto market participants are cheering Bitcoin’s new ATH, technical analysts emphasize the importance of not just sticking to the USD chart. A true breakout according to the rules of technical analysis should look consistent across multiple currency pairs and against other benchmark assets such as gold.

If macroeconomic conditions such as US interest rates and the USD exchange rate continue to change, then the BTC rally in USD could be a temporary distortion. In that scenario, traders and investors need to be careful not to get caught up in momentary euphoria without solid confirmation.

Conclusion

Bitcoin’s record price of $111,000 is impressive, but it doesn’t mean that the bullish trend has been completely confirmed. Technical divergence and dependence on the USD warn us to remain objective and vigilant. For long-term investors, this could be a moment of accumulation. But for traders, this mixed signal demands extra caution.

Also Read: XRP is in Freefall! Is This a Sign of a Big Storm in the Crypto World?

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• NewsBTC. Bitcoin Rise To $111,000 ATH Doesn’t Mean The Market Is Bullish, Certified Expert Says. Accessed June 3, 2025.
• Featured Image: Generated by AI