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Bitcoin has now climbed around 16% after falling below $79,000 on Feb. 28, but fearful sentiment and uncertain market participants cast doubt over where to next.
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The price of Bitcoin has just recovered back over $92,000 after several days of turbulence, though a crypto market sentiment tracker shows investors are still cautious.
Bitcoin (BTC) is trading at $92,170, having jumped 5.7% over the past 24 hours, according to CoinMarketCap data. Despite Bitcoin’s price spike, the Crypto Fear & Greed Index, which tracks overall market sentiment, remains in “Extreme Fear” at a score of 25, having risen just 5 points during the same period.
Crypto sentiment in “Extreme Fear”
The price spike marks a crucial range for some traders, who believe it was needed for further upside confirmation. MN Trading founder Michaël van de Poppe said in a March 5 X post that the “crucial resistance” is $91,500.
“Basically, if that flips, we’re back in the range, and we’ll go to the other side of the range, which is a new all-time high,” van de Poppe said. The current all-time high for Bitcoin is $109,000, which it briefly tapped before US President Donald Trump’s inauguration on Jan. 20
Bitcoin is trading at $92,170 at the time of publication. Source: CoinMarketCap
Other traders are confused. “No one has any idea what the hell is going on,” pseudonymous crypto trader Mandrik said.
Market participants have mixed views on Bitcoin’s direction
Some say the upcoming US Crypto Summit will be a key factor in determining Bitcoin’s short-term performance. “People are unsure and waiting to see what happens next, e.g. US Crypto Summit,” crypto commentator Bitcoin Malaya said on March 5.
The White House Crypto Summit is scheduled for March 7 and is expected to include more than 25 participants, including members of the Presidential Working Group on Digital Assets.
It comes after a turbulent period for Bitcoin, which fell below $80,000 on Feb. 28 for the first time since November, following Trump’s tariff threats on Europe.
Related: Bitcoin price stabilizes near $83K as investors eye S&P 500 recovery
Despite Bitcoin briefly tapping $94,727 on March 2, following Trump’s March 1 announcement pledging a crypto reserve, it retraced back down to $82,171 just two days later.
The sharp drawdown had Bitfinex analysts predicting that “any recovery to take the price back above $94,000 might face significant resistance.”
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article first appeared at Cointelegraph.com News
