Bitcoin rises by 6.23%, surpassing the $92,000 mark as market sentiment remains mixed. Analysts monitor key resistance levels ahead of the upcoming US Crypto Summit.
The cryptocurrency market experiences a rebound, with the global market cap increasing by 4.89% to reclaim the $3 trillion milestone. However, trading volumes decline by 20.30%, indicating cautious investor behavior. The Fear & Greed Index stays at 30, reflecting ongoing uncertainty.
Bitcoin recovers from a 24-hour low of $86,987.02, providing short-term traders with some relief. Despite this price increase, trading volume drops to $51.84 billion, suggesting a wait-and-see approach among investors.
Ethereum gains 6.42%, reaching $2,316.35, while XRP advances 4.02% to $2.54. Solana follows with a 5.52% rise, trading at $149.98. MOVE leads the top gainers with a 26.02% surge to $0.4983, followed by ONDO with a 21.94% increase and Bitcoin Cash, which climbs 19.99%. Meanwhile, Story IP declines by 8.48%, Mantra OM slips 1.51%, and XDC Network edges down 0.36%.
Market analyst Michaël van de Poppe identifies $91,500 as a key resistance level for Bitcoin’s upward trajectory. He states, “If Bitcoin holds this level, a new all-time high of $109,000 becomes a strong possibility.”
Alankar Saxena, CTO and co-founder of Mudrex, attributes the rally to improved market conditions, saying, “Trump’s tariff delay reduces uncertainty, boosting major cryptocurrencies. If Bitcoin sustains this momentum, a move toward $95,000 is likely, with strong support at $87,600.”
The US Crypto Summit, set for March 7, attracts attention as stakeholders anticipate potential regulatory updates. The event features key participants, including members of the Presidential Working Group on Digital Assets.
Market observers note that investors remain cautious ahead of the summit. Bitcoin Malaya comments, “Uncertainty lingers as traders wait for potential regulatory shifts.”
Bitcoin’s latest rally follows a dip below $80,000 in November due to geopolitical tensions and economic concerns. As the market navigates these developments, traders stay alert for further movements in the coming days.
