ANKARA, TURKIYE – NOVEMBER 23: This photo illustration shows Bitcoin cryptocurrency in Ankara, Turkiye on November 23, 2024. (Photo by Mustafa Ciftci/Anadolu via Getty Images)
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price of Bitcoin The price retreated further from the psychologically important $100,000 milestone as investors booked profits from the token’s post-US election gains.
The largest cryptocurrency by market capitalization last fell more than 2% to $92,277.19, according to Coin Metrics. It had previously fallen to $91,433.54. CoinDesk 20, an index that measures the performance of the broader crypto market, fell nearly 6%.
coinbase and micro strategy Each decreased by approximately 3%.
“Bitcoin has fallen since Election Day with little rebound, but the $100,000 level remains a formidable psychological barrier,” Matty Greenspan, founder of Quantum Economics, told CNBC in an email. “It’s happening,” he said. “A breakout now would be a huge bullish signal, but a short pullback may be needed to build momentum before the next attempt.”
As Bitcoin regularly sets new records this month, long-term holders are increasingly selling it on the spot market. This selling pressure has so far been absorbed by inflows into Bitcoin ETFs, which ended a five-day rally on Monday with $438 million in outflows, as well as a massive There were also purchases. CryptoQuant typically defines long-term holders as entities that have held Bitcoin for more than 155 days.
Traders booked profits after Bitcoin’s post-election rally, fueled by optimism about President-elect Donald Trump’s pro-crypto policies.
“Historically, when we hit new highs, there is usually a period of consolidation before we move higher,” Brett Reeves of crypto infrastructure company BitGo told CNBC. “We are seeing increased retail activity as new institutional capital flows into the space, both through ETFs and exchanges. Activity may return quickly.”
