Author: Ciaran Lyons, CoinTelegraph; Compiled by Wuzhu, Golden Finance
After a few days of volatility, the price of Bitcoin has just risen back above $92,000, although the cryptocurrency market sentiment tracker shows that investors remain cautious.
According to CoinMarketCap, BTC is trading at $92,170, up 5.7% in the past 24 hours. Despite the surge in Bitcoin prices, the Crypto Fear and Greed Index, which tracks overall market sentiment, remains in "extreme fear" with a score of 25, up only 5 points over the same period.
The price surge marks a key range for some traders, who believe it is necessary for further confirmation of the upside. Michaël van de Poppe, founder of MN Trading, said in a March 5 X post that the “key resistance level” is $91,500.
“Basically, if things reverse, we’re back to this range and then we go to the other side of the range, which is a new all-time high,” van de Poppe said. Bitcoin’s current all-time high is $109,000, a high it briefly hit on Jan. 20, before U.S. President Donald Trump’s inauguration.
As of the time of this article's publication, Bitcoin is trading at $92,170. Source: CoinMarketCap
Other traders are also confused. "No one knows what's going on," said Mandrik, an anonymous cryptocurrency trader.
Some say the upcoming U.S. cryptocurrency summit will be a key factor in determining Bitcoin's short-term performance. “People are uncertain and are waiting for the next step, such as a US crypto summit,” cryptocurrency commentator Bitcoin Malaya said on March 5.
The White House crypto summit is scheduled for March 7 and is expected to feature more than 25 participants, including members of the President’s Digital Asset Task Force.
The move follows a turbulent period for Bitcoin, which fell below $80,000 on Feb. 28 for the first time since November following Trump’s tariff threats against Europe.
Although Bitcoin briefly hit $94,727 on March 2 following Trump’s March 1 announcement of his commitment to building a cryptocurrency reserve, it fell back to $82,171 just two days later.
The sharp drop has led Bitfinex analysts to predict that “any rally that takes prices back above $94,000 is likely to face significant resistance.”
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