Bitcoin is currently facing challenges at the $90,000 level. 🚀 While some exchanges briefly passed this mark, the subsequent declines show that this price is still a battleground between bullish and bearish traders. 📉 However, many technical indicators are bullish, and the crypto market is currently showing no signs of slowing down. 💪
On Tuesday, Bitcoin fell 5% to $85,000, shaking out some leveraged buyers. 😲 However, the decline was short-lived, and the price quickly bounced back before experiencing a slight retracement. Bitcoin briefly reached above $90,000 on Coinbase, although it remains slightly below this level on other major platforms such as Binance and Bitget. 💵
There is tension between bulls and bears around this price. 📊 Bullish traders are hoping that Bitcoin will break $90,000 to start liquidating short positions up to $93,000. According to CoinGlass, the increased volatility has led to the liquidation of $940 million worth of derivatives positions in the past 24 hours, the highest daily liquidation since the market crash on August 5. 💥
Increased spot trading volume has also supported Bitcoin’s push past $90,000, with Bitcoin often trading at a premium on some platforms. 📈 Alex Thorn of Galaxy noted that November 11, 2024, was the day with the largest daily gain in Bitcoin history, rising more than $8,400 in a single day. 🎉
Since Donald Trump’s presidential election victory, the price of Bitcoin has soared, driven by hopes of more crypto-friendly regulation and favorable monetary policy. 🏦 One of the main drivers of this price increase has been Bitcoin ETFs, which saw massive inflows following Trump’s election. 📈
