Bitcoin Touches $90K Milestone, Triggers Nearly $1B in Liquidations Amid Renewed Market Optimism
Bitcoin surged to a historic $90,100 on Tuesday before retreating slightly to trade near $88,500, maintaining its position as the focal point of a post-election crypto rally. The CoinDesk Bitcoin Index (XBX) mirrored the move, peaking at $89,971 as bitcoin outpaced the broader crypto market.
The surge comes amid heightened expectations for pro-crypto policies under a new administration, alongside improving economic conditions that have bolstered risk appetite across financial markets.
Key Resistance at $90K Halts Momentum
The $90K mark has emerged as a significant resistance level, with Binance order book data showing heavy sell orders clustered in the $90,000-$91,000 range. Bitcoin’s rapid ascent triggered a brief pullback before stabilizing, with analysts pointing to strong accumulation beneath the key psychological threshold.
Liquidations Spike as Volatility Rises
The dramatic price action led to $940 million in liquidations across leveraged crypto positions, according to CoinGlass. This marks the largest single-day liquidation event in months, underscoring the heightened risk in a rapidly accelerating market.
Altcoins and Broader Market Performance
While bitcoin continues to dominate market headlines, altcoins displayed mixed performance. Stellar lumens (XLM) and ripple (XRP) surged by over 15%, while ethereum (ETH) and solana (SOL) slipped by 2%-3%.
Institutional Interest on the Rise
The rally has been largely fueled by institutional investors, who view the recent election results as a pivotal moment for the crypto industry. “We’re witnessing unprecedented institutional participation, driven by expectations of regulatory clarity and a favorable economic environment,” said Nathan McCauley, CEO of Anchorage Digital.
The market now turns its attention to whether bitcoin can consolidate above $90K or faces a broader pullback, with analysts predicting increased volatility as the next phase of the bull market unfolds.
UPDATE (Nov. 12, 21:40 UTC): Expanded analysis on Binance order books and updated price levels.
