JAKARTA – Bitcoin (BTC/USD) has experienced a correction after reaching an all-time high of USD 111,971 last week.

Although it briefly neared the USD 110,000 mark again on Monday afternoon (26/5), profit-taking triggered selling pressure, pushing the price down to around USD 109,000.

Despite the price pullback, institutional investors have continued to accumulate Bitcoin via spot Exchange-Traded Fund (ETF) products. According to Bloomberg, inflows into spot Bitcoin ETFs reached USD 2.75 billion in the past week, even surpassing USD 2.9 billion—accounting for about a quarter of total inflows for 2024 so far.

This suggests that medium- to long-term sentiment toward Bitcoin remains positive, even as short-term price volatility persists.

Institutional giant MicroStrategy reportedly purchased another USD 427 million worth of BTC at an average price of USD 106,237, reinforcing its bullish stance amid global economic uncertainty.

Meanwhile, JPMorgan Chase & Co CEO Jamie Dimon confirmed the bank has opened access for clients to invest in spot Bitcoin ETFs, giving crypto exposure to its USD 6 trillion in assets under management.

Bitcoin’s current price pressure is also linked to global developments, such as former US President Donald Trump's announcement of a 50% tariff on European goods starting 9 July. This policy has raised market concerns and weighed on risk assets, including equities and cryptocurrencies.

Nevertheless, Bitcoin’s fundamentals remain strong. Surging institutional demand, coupled with shrinking available BTC supply on exchanges, signals strong medium-term buying pressure.

Additionally, a rising global money supply (M2)—historically correlated with Bitcoin price increases—supports the bullish outlook.

Investors and market participants are now awaiting the release of minutes from the Federal Reserve meeting, along with key US economic data, including consumer confidence, GDP growth, and personal consumption expenditure (PCE). Clarity from these indicators is expected to help determine Bitcoin's next direction.

As of 11:01 AM WIB on 27 May 2025, Bitcoin is trading at around USD 108,940. Over the past seven days, it remains up 6.43%.

Other cryptocurrencies such as Ethereum and Dogecoin are also following this trend, rising 2.46% and 1.91%, respectively, over the last 24 hours.

Analysts suggest that while the current correction could push Bitcoin down to USD 105,000, a retest of the record high remains possible if the technical trend holds above the 50- and 100-day exponential moving averages (EMA). (EF/ZH)