Bitcoin could struggle to move above $ 94,000 after its failed attempt to recover the price level two days ago, says Bitfinex analysts.
“Any recovery to restore the price above $ 94,000 could face significant resistance,” Bitfinex Analysts Says In a March 3 market report. Bitcoin (Btc) fell below $ 94,000 on March 2 and had not returned.
Strong spot bitcoin market sell-pressure nulls trump gains
Bitfinex analysts relate to this prediction of recent volatility following the announcement of US President Donald Trump Pledging a crypto reservewho saw Bitcoin rapidly advanced 12% from $ 85,000 to $ 95,000.
However, analysts said the intense sale of pressure in the Bitcoin spot market has removed most of the gains. With Bitcoin currently trading at $ 87,190, a move back to $ 94,000 represents nearly 8% increase, as per CoinMarketCap data.
Bitcoin dropped 7.12% in the past 30 days. Source: CoinMarketCap
The consensus on crypto analysts for the price of bitcoin in the short-term appears to be uncertain, with no apparent signs that the downtrend is already or strong signal of an emerging climb.
Pseudonymous crypto trader rect capital Says In a 4 x post post that while “history suggests the bottom may be very good at this downside deviation,” further collapse remains possibilities.
Rect said that while Bitcoin could see some form of price stability around the range of $ 93,500 in the coming days, it does not mean that the price does not “fall off deviation” below $ 93,500 again.
Volatility to reign until real buyers enter the market
Crypto analyst Axel Adler Says In a post of March 4 X it was a “good sign” that consumers “Bitcoin had recently bought $ 81,000.
Meanwhile, MN exchanged Michael of Poppe Says“Honestly, I think we’ll have to wait until the end of this week because there are so many data and macro-economic events.”
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The US Consumer Price Index (CPI) for February is set to release on March 12, one week before the next Federal Reserve interest rate decision on March 19.
Master Ventures Founder Kyle Chasse Bitcoin’s price will continue to continue To experience volatility until real buyers start entering the market than entrepreneurs seeking arbitration opportunities.
The crypto fear & greed IndexMeasuring the sentiment in the market, shows a mark of 20 in the “extreme fear” category, which has been since Feb. 25.
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This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
