Bloomberg: Due to traders assessing whether the "Trump trade" is excessive, BTC's upward trend stagnates as it approaches $100,000
According to an analysis by Bloomberg, Bitcoin's rise has stalled as it approaches $100,000, partly because traders are assessing whether the optimism brought about by Trump's support for cryptocurrencies has become excessive.
Matt Maley, chief market strategist at Miller Tabak + Co., said that investors are worried that Bitcoin "now needs to take a break because it has basically tested the $100,000 level," and added that bullish sentiment around Bitcoin is "becoming extreme." In addition, while Trump promised more friendly regulation and pledged to establish a national bitcoin reserve, the implementation timeline and feasibility of the bitcoin reserve remain uncertain.
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