Bitcoin Breaks Through $93K, Setting Long-Awaited Target of $100K, But Experiences Correction

• Bitcoin reached another all-time high, breaking through $93K
• The $93K level has been surpassed multiple times, hinting at a new target of $100K
• However, Bitcoin experienced immediate corrections to $91K and $88K

Bitcoin continues its rapid growth following Donald Trump’s victory in the U.S. presidential election, though it faces corrections after each new all-time high.

The most recent all-time high was $93K, followed by a correction. Bitcoin then broke $93K again and faced another correction, and yet many are now aiming for the $100K target.

More on Bitcoin’s Dynamics

Thus, we continue to see highly active Bitcoin dynamics these past few days, with a sharp rise from $87.7K yesterday, reaching $93.4K, which set a new all-time high. Bitcoin did not stay there long, experiencing an almost immediate correction to $91.9K.

Next, we saw an unsuccessful attempt to break $93K, where Bitcoin faced resistance at $92.9K, followed by a successful attempt at $93.1K, and a swift correction to $90.7K, later dropping to $88.8K.

The analytics platform Santiment had warned of a possible short-term pullback in Bitcoin following the $93K level breakthrough and was largely correct.

Now, Bitcoin trading with fluctuations between $90K and $89K, with its price at $89.7K at the time of writing.

Conclusion

This reveals a continued sharp upward trend, albeit facing sobering resistance and corrections along the way.

Notably, we are still talking about a growth of around 20% in just the past week for an asset whose value was already relatively high and typically less volatile compared to altcoins.

However, there can be no guarantees, and with a market as lively as it is now—heavily influenced by various political and economic factors as it is currently—many different scenarios remain possible. Stay tuned.