Bitcoin (BTC) $100K Price Surge Slows as Confidence on Trump Wavers

Following the recent trend, Bitcoin (BTC) has gained the highest market value recently and has been soaring to new record highs. When it went up to $ 89,000, there was slowly increasing optimism that BTC Price would shoot to the next price ceiling of $100K. Speculations are ripe as to when the price of BTC could reach $100K. It never reached there immediately after Trumps win.

Bitcoin Is Having Trouble Holding $90K

Bitcoin is unable to move into its next price level after bouncing about the 80,000 level for a few days. One of the world’s largest cryptocurrencies sitting at around $89,900 as of today.

As US President-Elect Donald Trump readies his team to take over the White House soon, Bitcoin has paused its rally.

BTC faces emerging resistance, casting doubt on the achievement of its $100,000 target. Record highs of Bitcoin were seen in the early morning of November 13, 2024, to open at +$90,000. The price was too high to hold, so it dropped back.

Ballet CEO Bobby Lee: Bitcoin will surpass $90K within the week, $100K by year-end, and will hit $1 million within 5-6 years. pic.twitter.com/ReKLkDQSuQ

— Bitcoin News (@BitcoinNewsCom) November 12, 2024

Market observers have identified several variables as likely contributing to the continued difficulty. Keith Alan, co-founder of Material Indicators, claims that the sudden surge in price that followed Donald Trump’s election victory sent Bitcoin to new heights without the foundations or support it needed to sustain its current level.

Alan underlined that as Bitcoin moves into a higher trading range, it must first set fresh support levels to continue its advance. The crypto king’s capacity to overcome obstacles will continue to be limited in the absence of these levels.

But there are other difficulties besides the absence of basic stability. The expert pointed out that an increase in market liquidity orders aimed at the $90,000 barrier might affect how long Bitcoin’s climb lasts. However, there is still a lot of market optimism, with many people still holding out hope. They really hope that Bitcoin may overcome these challenges and restore its upward momentum.

AFTER A RECORD SETTING BREAKOUT, BITCOIN AND ALTS SEARCH FOR SUPPORT https://t.co/n0KqsPnXBY

Price discovery isn’t a straight shot to the moon. For a rally to be sustainable, Bitcoin needs to establish new support levels as it enters a higher trading range. These levels don’t…

— Keith Alan (@KAProductions) November 12, 2024

Still More Bitcoin Upside?

Retracements are typical during the price discovery stage, according to analyst Rekt Capital, who commented on Bitcoin’s latest decline.

Rekt emphasized that although Bitcoin is encountering some resistance. Historical trends indicate that there may still be an opportunity for additional gains prior to any notable correction by comparing the present movement to previous cycles.

In past cycles, such as those in 2017 and 2020–2021. Bitcoin had deeper pullbacks after rallying toward price discovery for 4–8 weeks. The analyst pointed out that there is still more space for the rise to continue. This is because Bitcoin is only in the second week of its current uptrend.