Bitcoin cools off: 283,434 traders lose $896 million

Bitcoin’s run has finally cooled off after about a week of gains and setting two consecutive all-time highs, as the asset was rejected twice at the $90,000 mark.

Coinglass data showed that more volatile altcoins have seen even more tumultuous corrections, leaving nearly 283,434 traders in ruins after losing $896 million.

Donald Trump’s victory in the 2024 US presidential election marked the beginning of an incredible week for Bitcoin. The pioneer crypto asset began to gain traction even before the results were officially announced. It soared above its March all-time high of $73,737 last Wednesday and continued to rise.

The bulls started a new rally that briefly sent the cryptocurrency to $90,000 on Monday but faced rejection.

Many investors believe that when Bitcoin gets closer to $100,000 later this year, it will continue to break records.

However, overbought daily studies suggest that traders might be able to recoup some of the gains from a strong rally in recent days, even though headwinds are already evident at the 90K zone.

The market is still very bullish Because of the euphoria surrounding Trump’s victory,  the correction is likely to be superficial and mark positioning for a push through 90K.

Solid supports in the 86500/84000 zone should ideally contain dips while keeping the lower pivot at 80K. Bitcoin’s value has risen by more than 26% this month.

Many investors believe that when Bitcoin gets closer to $100,000 later this year, it will continue to break records. However, overbought daily studies suggest that traders might be able to recoup some of the gains from a strong rally in recent days, even though headwinds are already evident at the 90K zone.

The market is still very bullish because of the euphoria surrounding Trump’s victory,  the correction is likely superficial and marks positioning for a push through 90K. Solid supports in the 86500/84000 zone should ideally contain dips while keeping the lower pivot at 80K. Bitcoin’s value has risen by more than 26%. for the first time since it set a new record in March, on election day in November.