Bitcoin Hits $90K Briefly as Post-Election Rally Sparks Record Liquidations

Bitcoin surged to an unprecedented $90,000 on Coinbase Tuesday, propelled by a wave of investor enthusiasm following Donald Trump’s election victory and expectations of a pro-crypto regulatory environment.

After hitting the milestone, bitcoin retraced to $88,500, showing signs of resistance around the psychological $90K barrier. The CoinDesk Bitcoin Index (XBX), reflecting prices from top exchanges, peaked at $89,971 before a slight cooldown.

$90K Resistance in Focus
Market data from Binance’s BTC-USDT pair indicates heavy sell walls near $90,000, highlighting cautious positioning among traders. These dynamics suggest that breaking decisively above this level may require significant momentum.

Market Performance and Volatility
While bitcoin posted modest gains of 0.9% over the past 24 hours, altcoin performance varied. Ethereum (ETH) and solana (SOL) slipped by 2%-3%, whereas stellar (XLM), ripple (XRP), and hedera (HBAR) recorded impressive gains of 15%-18%.

The rapid price movements led to $940 million in liquidations across crypto futures markets, marking the largest shakeout since August’s volatility spike. According to CoinGlass data, liquidations were evenly distributed between long and short positions.

Institutional Confidence Drives Momentum
The broader crypto rally is underpinned by optimism about a favorable regulatory environment, bolstered by economic tailwinds like cooling inflation and global monetary easing.

“Trump’s election victory is viewed as a turning point for crypto policy, particularly among institutional investors,” said Nathan McCauley, CEO of Anchorage Digital. “It’s triggering a flood of capital into the market, further strengthening bitcoin’s upward trajectory.”

As bitcoin consolidates near $90,000, the market watches closely for signs of further breakout potential, with the $100K milestone looming as the next major psychological level.

UPDATE (Nov. 12, 21:40 UTC): Includes insights from Binance order books and updates on price trends.