The price of Bitcoin (BTC) has pulled back after rising to an all-time high of $90,100 U.S.
Analysts are saying that Bitcoin has run into new resistance at the $90,000 U.S. level, with some analysts saying the largest cryptocurrency by market capitalization has “hit a wall.”
Bitcoin is currently trading at $88,200 U.S., having declined nearly 2% in the last 24 hours.
The pullback in Bitcoin’s price comes after a rally that sent the largest cryptocurrency by market capitalization up more than 15% in the week since Donald Trump won the U.S. election.
Bitcoin’s breakout rally took the price from under $70,000 U.S. to just over $90,000 U.S. in a matter of days.
Other cryptocurrencies such as Ethereum (ETH) and Solana (SOL) have also rallied more than 10% over the past week. Some meme coins have more than doubled their price in recent days.
The rally in the crypto market comes amid expectations that a second Trump presidency will lead to less regulation and more widespread adoption of cryptocurrencies.
Despite meeting resistance at $90,000 U.S., many analysts still say that they expect Bitcoin’s price to be above $100,000 U.S. by year’s end.
At its current level of $88,200 U.S., Bitcoin’s price has now doubled this year.
