Bitcoin’s march towards historic US$100,000 level stalls as crypto investors show caution
‘Bitcoin was extremely overbought since the election,’ one analyst says
The digital asset fell as low as US$95,776 on Sunday after coming within US$300 of the six-figure milestone on Friday. It struggled for traction near US$97,000 early in Asia on Monday, setting a downbeat tone for the wider crypto market.
“Investors are worried it will have to take a breather now that it has basically tested the US$100,000 level,” said Matt Maley, chief market strategist at Miller Tabak + Co. “I’d note that bullishness surrounding bitcoin is getting extreme.”
Trump’s incoming US administration is viewed as a crypto tailwind across Wall Street and beyond. The overall value of the digital-asset market has surged about US$1 trillion since the Republican’s victory on November 5.
Trump has promised friendlier regulations and pledged to set up a national bitcoin stockpile, though the timeline for implementation and the feasibility of the bitcoin reserve remain open questions.