{"id":53152,"date":"2025-03-05T04:56:00","date_gmt":"2025-03-05T04:56:00","guid":{"rendered":"https:\/\/emilynews.com\/blog\/?p=53152"},"modified":"2025-03-05T04:56:00","modified_gmt":"2025-03-05T04:56:00","slug":"bitcoin-will-face-significant-resistance-reclaiming-94k","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=53152","title":{"rendered":"Bitcoin will face \u2018significant resistance\u2019 reclaiming $94K"},"content":{"rendered":"

Bitcoin may struggle to hold and continue higher above the $94,000 price level it was last trading at on March 3, according to crypto analysts.<\/p>\n

Bitcoin may struggle to move above $94,000 after its failed attempt to reclaim the price level two days ago, Bitfinex analysts say.<\/p>\n

\u201cAny recovery to take the price back above $94,000 might face significant resistance,\u201d Bitfinex analysts\u00a0said in a March 3 markets report. Bitcoin fell below $94,000 on March 2 and has yet to bounce back.<\/p>\n

Strong spot Bitcoin market sell-pressure nulls Trump gains<\/h2>\n

The Bitfinex analysts linked this prediction to the recent volatility following US President Donald Trump\u2019s March 1 announcement\u00a0pledging a crypto reserve, which saw Bitcoin quickly surge 12% from $85,000 to $95,000.<\/p>\n

However, the analysts said that intense selling pressure in the Bitcoin spot market has already erased most of those gains. With Bitcoin currently trading at $87,190, a move back to $94,000 represents an almost 8% increase, as\u00a0per\u00a0CoinMarketCap data.<\/p>\n

\"Cryptocurrencies,
\n

Bitcoin is down 7.12% over the past 30 days. Source:\u00a0<\/em>CoinMarketCap<\/em><\/p>\n<\/figcaption><\/figure>\n

The consensus among crypto analysts for Bitcoin\u2019s price in the short-term appears uncertain, with no apparent signs that the downtrend is over or strong signals of an emerging uptrend.<\/p>\n

Pseudonymous crypto trader Rekt Capital\u00a0said\u00a0in a March 4 X post that while \u201chistory suggests the bottom may very well be in on this downside deviation,\u201d further downside remains a possibility.<\/p>\n

Rekt said that while Bitcoin may see some form of price stability around the range low of $93,500 over the coming days, it does not mean that the price won\u2019t \u201cdownside deviate\u201d below $93,500 again.<\/p>\n

Volatility to reign until genuine buyers enter market<\/h2>\n

Crypto analyst Axel Adler\u00a0said\u00a0in a March 4 X post it was a \u201cgood sign\u201d that buyers \u201cbought up\u201d Bitcoin when it recently tapped $81,000.<\/p>\n

Meanwhile, MN Trading founder Micha\u00ebl van de Poppe\u00a0said, \u201cHonestly, I think we\u2019ll need to wait until this week is over as there\u2019s a lot of macro-economic data & events.\u201d\u00a0<\/p>\n

Related:\u00a0<\/strong><\/em>Bitcoin price action mirrors 2019 \u2018Xi pump,\u2019 are new BTC lows incoming?<\/strong><\/em><\/p>\n

The US Consumer Price Index (CPI) for February is set for release on March 12, one week ahead of the next Federal Reserve interest rate decision on March 19.<\/p>\n

Master Ventures founder Kyle Chasse\u00a0recently said Bitcoin\u2019s price will continue\u00a0to experience volatility until genuine buyers start entering the market rather than traders seeking arbitrage opportunities.<\/p>\n

The Crypto Fear & Greed\u00a0Index, which measures market sentiment, shows a score of 20 in the \u201cExtreme Fear\u201d category, where it has been since Feb. 25.<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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