Bitcoin (BTC) has surged back above $92,000 after a period of market turbulence, yet investor sentiment remains subdued. According to CoinMarketCap data, BTC is currently trading at $92,170, marking a 5.7% gain over the past 24 hours. Despite this price recovery, the Crypto Fear & Greed Index still reflects “Extreme Fear,” rising only slightly to 25 from its previous level.
Bitcoin Faces Key Resistance Levels
The latest price jump places Bitcoin at a crucial resistance zone, with analysts debating whether it signals the start of a sustained uptrend. Michaël van de Poppe, founder of MN Trading, emphasized in a March 5 post on X that Bitcoin needs to flip the $91,500 level into support for further upside potential.
#Bitcoin continues to crawl upwards.
— Michaël van de Poppe (@CryptoMichNL) March 5, 2025
The crucial resistance is $91.5K.
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. pic.twitter.com/5X068WcXQm
“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 stated. Bitcoin’s current all-time high stands at $109,000, briefly touched before President Donald Trump’s inauguration on January 20.
Mixed Market Sentiment Amid Uncertainty
The crypto community remains divided on Bitcoin’s next move. Pseudonymous trader Mandrik summarized the confusion, stating, “No one has any idea what the hell is going on.” While some investors see the recent price action as a bullish signal, others remain cautious given the lingering market uncertainty.
There's only one conclusion I've come to after watching the Bitcoin price for 13 years:
— Mandrik (@Mandrik) March 4, 2025
No one has any idea what the hell is going on.
A significant factor influencing sentiment is the upcoming White House Crypto Summit on March 7. The event, which will feature over 25 key participants, including members of the Presidential Working Group on Digital Assets, is expected to shape short-term market trends. Crypto commentator Bitcoin Malaya noted that many traders are holding back on major moves until the summit’s outcomes become clear.
Bitcoin open interest means how many people are trading with contracts (not just buying Bitcoin, but betting on its price)
— Bitcoin Malaya (@bitcoinmalaya) March 6, 2025
When open interest 📉, it means fewer people are making big bets
This can be good because less risk of forced liquidation if those bets go wrong
But it… pic.twitter.com/o3R1iicyxD
Resistance at $94K Remains a Challenge
Bitcoin’s price has seen extreme volatility in recent days. After briefly reaching $94,727 on March 2 following Trump’s announcement pledging a crypto reserve, BTC swiftly retraced to $82,171. Analysts at Bitfinex caution that breaking back above $94,000 could prove difficult, suggesting strong resistance ahead.
Also Read: Metaplanet Stock Jumps 14% After $43.9M Bitcoin Buy
As Bitcoin recovers, traders will be watching key levels and upcoming regulatory developments to gauge the market’s next direction.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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