Bitcoin faces challenges in reclaiming its price above $94,000. Bitfinex analysts point to significant resistance at this level.
Analysis of the Current Bitcoin Market Situation
On March 2, Bitcoin fell below $94,000 and has yet to recover its lost ground. Despite a recent price surge to $95,000 following US President Donald Trump’s crypto reserve announcement, intense selling pressure in the spot market erased the gains. Currently, Bitcoin trades at $87,190, an almost 8% increase needed to reach the $94,000 benchmark.
Crypto Analysts' Views on Future Volatility
While temporary price increases have been observed, intense spot market selling pressure continues. While some analysts like Rekt Capital express cautious optimism, suggesting historical data points to a bottom, others warn of possible further downsides. Rekt Capital notes that the price could again dip below $93,500 in the upcoming days.
Economic Events and Market Expectations
The upcoming week promises to deliver a series of economic updates, including the release of the US Consumer Price Index and Federal Reserve's interest rate decision. Analysts like Michaël van de Poppe advise patience until these events unfold. Meanwhile, the Crypto Fear & Greed Index positions itself in the 'Extreme Fear' category, indicating potential market impact until genuine buyers participate.
The Bitcoin market remains under pressure, with analysts predicting further short-term volatility. Economic news and actions by major players could significantly affect future price movements.
