Are bears starting to gain strength? Bitcoin once fell below the 93,000 mark and plummeted by nearly 5% in two days!

Bitcoin has declined this week since Trump won the US presidential election. The speculative boom in the coin industry seemed to have begun to cool down after the failure to hit $100,000.

As of Tuesday's European market, Bitcoin fell nearly 5% this week, and once fell below the $93,000 mark. The broader cryptocurrency market, which has risen by $1 trillion since election day on November 5, has also stalled.

Noelle Acheson, author of the “Crypto is Macro Now” newsletter, wrote, “The difficulty of breaking through $100,000 may convince traders that the peak has arrived and profits should now be locked in,” however, she added that any such episode should be “short-lived.”

Cryptocurrency also faced a wave of risk aversion after Trump vowed to disrupt global markets by imposing additional tariffs on China and America's neighbors Canada and Mexico. The stock market struggled and the dollar rose, showing investors' cautious sentiment.

Adrian Przelozny, CEO of cryptocurrency exchange Independent Reserve, said, “People are always looking for excuses to profit, and we are still very confident that the current bull market sentiment will continue until 2025.”

Trump's promises

Trump has promised to make the US a global cryptocurrency center by introducing supportive regulations and establishing a national Bitcoin reserve, but questions remain about how quickly he can make these changes and whether all of these changes are possible.

TD Cowen analyst Jaret Seiberg said in a research report that the president-elect “will immediately control the SEC” after taking office on January 20 next year, adding that this would be “a positive sign in terms of easing cryptocurrency enforcement and promoting compliance.”

Trump was once skeptical about cryptocurrencies, but turned supporter after digital asset companies aggressively promoted their interests during the election campaign. Signs of growing acceptance of cryptocurrencies in the US have become increasingly evident in recent days.

According to data compiled by foreign media, about 7 billion US dollars poured into US spot Bitcoin ETFs after the election. However, due to weakening demand, these dozen ETFs experienced capital outflows of $438 million on Monday.

Tony Sycamore, a market analyst at IG Australia, said that Bitcoin's recent pullback “is a much-needed retracement to remove signs of overbought rather than reverse the decline or any ominous sign, and it also reminds people that even the cryptocurrency market will not rise in a straight line indefinitely.”