Emmanuel Ochayi
Bitcoin has experienced a strong recovery, rising by 6.23% to trade above $92,000. This marks a significant turnaround for the cryptocurrency market, which has reclaimed the $3 trillion global market capitalisation.
The rally comes just before the highly anticipated US Crypto summit , generating optimism among investors. However, while Bitcoin’s price increase signals bullish momentum, declining trading volumes and lingering market caution indicate that traders remain watchful.
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In the past 24 hours, Bitcoin rebounded from a low of $86,987.02 to its current level of around $92,000. Despite this positive movement, overall market trading volume has fallen by 20.30% to $51.84 billion.
The Fear & Greed Index stands at 30, suggesting that investors are still hesitant. This index measures market sentiment on a scale from extreme fear to extreme greed, and a low reading reflects cautious investor behaviour.
Other Cryptocurrencies Show Gains
The rise in Bitcoin’s price has influenced other major cryptocurrencies. Ethereum (ETH) climbed 6.42% to $2,316.35, while XRP increased by 4.02% to $2.54. Solana (SOL) also saw a 5.52% jump, reaching $149.98.
Among the top-performing assets, MOVE surged by 26.02%, trading at $0.4983, while ONDO gained 21.94%. Bitcoin Cash (BCH) posted a 19.99% increase.
Meanwhile, some assets experienced declines. Story IP dropped by 8.48%, while Mantra OM and XDC Network saw slight dips of 1.51% and 0.36%, respectively.
Analysts Identify Key Resistance Levels
Experts believe that Bitcoin’s ability to hold above $91,500 will determine its next move. Crypto analyst Michaël van de Poppe noted, “If Bitcoin stays above this level, we could see a potential new all-time high of $109,000.”
Similarly, Alankar Saxena, CTO and co-founder of Mudrex, stated that Bitcoin could reach $95,000 if it maintains its momentum. He also pointed out that $87,600 is a strong support level, meaning that Bitcoin is unlikely to fall below this price without significant selling pressure.
US Crypto Summit to Influence Market Direction
The upcoming US Crypto Summit, scheduled for March 7, is expected to play a crucial role in shaping the cryptocurrency market.
The event will feature over 25 participants, including representatives from the Presidential Working Group on Digital Assets. Discussions at the summit may provide clarity on Bitcoin’s regulatory future and influence investor sentiment.
Crypto analyst Bitcoin Malaya commented, “People are waiting to see what happens next at the US Crypto Summit.”
Bitcoin’s Future Amid Market Uncertainty
Despite its recent rebound, Bitcoin is still navigating a volatile market. In November 2024, the cryptocurrency fell below $80,000 due to geopolitical tensions and concerns over trade tariffs.
While the current uptrend is encouraging, investors must remain cautious. With the Fear & Greed Index still in the “Fear” zone, market sentiment remains fragile. Traders will be closely watching developments from the US Crypto Summit, which could significantly impact Bitcoin’s next move.
For now, Bitcoin’s price action suggests a strengthening market, but whether this momentum continues depends on upcoming regulatory decisions and investor confidence.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
