After reaching a high point of $90,000, bitcoin fell back, with analysts pointing out that the rise of bitcoin has entered a period of rest as the market gradually digests the positive impact of Trump's election on cryptocurrencies.
Finance Association November 13th News (Edited by Malan) $Bitcoin (BTC.CC)$ After reaching a high point of $90,000, it fell back, seemingly entering a period of consolidation. Some traders pointed out that the market is gradually digesting the positive impact of Donald Trump becoming the President of the United States on cryptocurrencies, and the soaring momentum of bitcoin has temporarily paused.
As of the time of publication, the price of bitcoin is adjusting around $87,000. Since Trump declared victory in the election, bitcoin has risen by more than 30%.
IG Australia Pty market analyst Tony Sycamore stated that although there is a possibility of further price increase for bitcoin, many positive news have already been fully absorbed.
Still optimistic
Trump had previously promised to establish a more friendly regulatory framework for cryptocurrencies and create an innovative Bitcoin strategic reserve, making the USA once again the global center of the crypto industry. This is the fundamental driving force behind the current rise in bitcoin prices.
However, as the market shifts its focus to issues such as Trump's tariffs, corporate tax cuts, and immigration, some analysts are concerned that the new government's support for the crypto industry may be put on the back burner.
At the same time, most of Trump's policies are expected to push up US inflation, which will lead to an increase in US bond yields and the US dollar, but be bearish for safe-haven assets like gold and cryptocurrencies.
However, there is still a general optimistic sentiment in the crypto market. Crypto analyst Noelle Acheson stated that the relatively mild leverage in the crypto market has reduced the risk of a sharp pullback. Temporary consolidation is necessary and welcomed, but she expects it to be very brief, with the tailwind remaining strong.
According to Deribit data, the bitcoin call options are currently mainly betting that its price will exceed 0.1 million USD. The inflow of funds into the USA bitcoin spot ETF is even more "aggressive". Last Thursday, Blackrock's bitcoin ETF saw a single-day inflow of over 1.1 billion USD, setting a new historical record.
Editor/Somer