Bitcoin Attempts to Rebound After Reversal from the $100,000 Threshold

Forex - Bitcoin is recovering following profit-taking from the $100,000 target set after Donald Trump's victory rally. After hitting $99,830 on November 22, Bitcoin fell to $95,926 in the last 24 hours due to these sales, and is currently trading at $97,936, down 1.47% from the previous day. Trump's selection of hedge fund manager Scott Bessent as Treasury Secretary supported the recovery. Matt Maley, chief market strategist at Miller Tabak + Co, expressed concerns that investors would have to take a breather since Bitcoin is "essentially testing the $100,000 level," adding that the bullish sentiment surrounding Bitcoin has been "excessive." The total value of the digital asset market has increased by nearly $1 trillion since the Republicans' victory on November 5. David Lawant, head of research at FalconX, noted, "As we approach the $100,000 mark, I see increasing distortion on the selling side, indicating that we might experience consolidation around this level in the short term before a consistent breakout."