Btc

Could Bitcoin return to pre-election levels?

Bitcoin investors may still face more pain. This week, the overall market has shown a risk-averse sentiment, with Bitcoin falling below $90,000 for the first time since November last year.

Currently, this cryptocurrency has dropped about 21% from its all-time high and is at a critical juncture. If it cannot reclaim the $90,000 level, Bitcoin may fall back to $70,000.

For the past few months, $91,000 has been a key support level, which has now been significantly breached. If the market fails to quickly rebound from overselling, it will send an extremely pessimistic signal. And at the moment, the outlook is not optimistic. If the market continues to weaken and bullish sentiment dissipates further, prices may revert to levels before the post-election breakout.

Although the market remains optimistic about the long-term benefits that Trump's policies may bring to cryptocurrencies, some analysts believe that until new catalysts emerge, Bitcoin may still be pressured by large-scale risk-averse sentiment. The market landscape is changing; it's not just the global stock market, but the commodity and cryptocurrency markets are also not immune. Uncertainty has become the most concerning issue for investors, and risk appetite is rapidly declining.

So far this year, Bitcoin has fallen 8%, but it has still risen 23% since the election.