Bitcoin Hits $90K Before Cooling Off, as Market Awaits Next Leg of Crypto Surge
Bitcoin briefly surged past the $90,000 mark on Tuesday, reaching an all-time high of $90,100 on Coinbase before retracing to the $88,500 range. The milestone marks a significant step in the ongoing crypto rally, which has gained momentum following Donald Trump’s election victory and growing optimism about regulatory shifts favoring digital assets.
The CoinDesk Bitcoin Index (XBX) registered a peak of $89,971 as the leading cryptocurrency extended its dominance, outperforming the broader CoinDesk 20 Index, which remained flat over the last 24 hours.
Resistance and Market Volatility
The $90K level proved a critical resistance zone, with sell orders piling up on Binance’s BTC-USDT trading pair, halting bitcoin’s ascent. Despite the pullback, BTC is still up nearly 1% for the day, sustaining its upward trajectory in a market increasingly driven by institutional interest.
The heightened activity triggered significant liquidations, with CoinGlass reporting $940 million in wiped-out leveraged positions across the crypto market, the largest liquidation event since August’s volatility-driven crash.
Altcoins See Mixed Performance Amid Bitcoin’s Surge
While bitcoin led the rally, altcoins showed varied results. Stellar lumens (XLM), ripple (XRP), and hedera (HBAR) posted gains of 15%-18%, contrasting with losses of 2%-3% for ethereum (ETH) and solana (SOL).
Institutional Confidence Bolstering the Market
The recent price action underscores the influence of institutional investors, who are increasingly aligning their strategies with anticipated pro-crypto policies. Nathan McCauley, CEO of Anchorage Digital, noted, “The promise of regulatory clarity and an accommodating administration is fueling institutional confidence like never before.”
Economic tailwinds, including easing inflation and steady growth, have further reinforced the bullish sentiment driving bitcoin’s climb. With these dynamics in play, the market remains optimistic about the potential for BTC to test new highs in the coming weeks.
UPDATE (Nov. 12, 21:40 UTC): Revised with Binance order book analysis and updated market performance details.
