Bitcoin Rally Pauses Near AU$100,000 Milestone

Highlights:

• Bitcoin Approaches Historic Milestone: Bitcoin briefly surged close to $100,000 before retreating to $97,550 at the time of writing, reflecting growing market caution.
• Pro-Crypto Policies Fuel Optimism: U.S. President-elect Donald Trump’s plans for a national Bitcoin reserve and crypto-friendly regulations have boosted sentiment, adding $1 trillion to the digital asset market since November 5.
• Market Consolidation Expected: Analysts suggest Bitcoin may consolidate near $100,000 before breaking through, as selling pressure increases around this significant level.

Bitcoin’s recent rally, fueled by optimism surrounding U.S. President-elect Donald Trump’s pro-crypto stance, has slowed just short of the highly anticipated $100,000 mark. At the time of writing, Bitcoin is trading at $97,550, recovering slightly from a low of $95,776 earlier this week.

Market Hesitates as Optimism Peaks

Bitcoin surged last week, nearing $100,000 before retreating as traders began to question whether the bullish sentiment had reached its peak. The digital asset came within $300 of the six-figure milestone on Friday, but selling pressure mounted over the weekend.

Matt Maley, chief market strategist at Miller Tabak + Co, noted that Bitcoin’s bullish momentum "is getting extreme," suggesting that the cryptocurrency may need to consolidate before making another push.

Pro-Crypto Policies Boost Sentiment

The rally has been supported by optimism over Trump’s incoming administration. Trump has pledged to establish a national Bitcoin reserve and implement friendlier regulations, driving confidence among traders. His selection of hedge fund executive Scott Bessent as Treasury Secretary has further buoyed market sentiment, with the overall digital asset market adding $1 trillion in value since Trump’s electoral victory on November 5.

Near-Term Consolidation Expected

David Lawant, head of research at crypto broker FalconX, warned of an increasing shift toward selling pressure as Bitcoin approaches the $100,000 mark. “This suggests we may experience consolidation around this level in the near term before a sustained breakthrough above it,” Lawant said.

While Bitcoin’s path to $100,000 remains uncertain, analysts agree that the cryptocurrency is at a pivotal moment, with regulatory support and market sentiment continuing to drive its trajectory.

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