November 12, 2024 (Globalinvestorideas.com Newswire) Globalinvestorideas.com, a go-to platform for big investing ideas releases market commentary from Quasar Elizundia, Expert Research Strategist at Pepperstone.
“Bitcoin experiences a reversal session after six consecutive days of gains, driven mainly by the victory of President-elect Donald Trump. During Tuesday’s session, the cryptocurrency faces a key resistance at $90,000, a level that seems to have halted its upward momentum and favored profit-taking.
Trump’s recent support for the crypto sector, with promises to make the U.S. the “crypto capital of the planet” and to create a strategic Bitcoin reserve, has been a key factor in the digital asset’s advances. This political endorsement has raised expectations for more flexible industry regulations, including the potential replacement of the SEC’s chair, known for a strict stance toward cryptocurrencies. In this context, the market has responded optimistically, reflected in Bitcoin’s price rise to new all-time highs.
However, the environment also shows signs of greed and overbought conditions. This sentiment appears to be part of the narrative behind today’s correction, with investors securing gains after the rapid price surge. Additionally, liquidations of bullish positions in Bitcoin futures have somewhat amplified the downward movements.
Markets will continue watching how the Trump administration takes shape, seeking indications of the direction cryptocurrencies may take in this new environment. Should the new administration’s pro-crypto stance be confirmed, it could remain a positive catalyst for the digital asset space, driving both adoption and long-term investment. For now, Bitcoin finds itself at a standstill, as the market digests recent events and adjusts expectations for the future U.S. crypto policy.”
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