Bitcoin Price: Can It Break Through the $94,000 Mark?

Bitcoin Price: Will It Overcome $94,000 or Fall Again?

Bitcoin Price– Bitcoin’s struggle to surpass the $94,000 mark has left many analysts uncertain about its near-term price trajectory. Following a failed attempt to reclaim this level on March 2, the cryptocurrency’s outlook remains under pressure, according to Bitfinex analysts.

Bitfinex analysts highlighted that any potential recovery toward $94,000 might encounter significant resistance. Despite a brief surge following U.S. President Donald Trump’s announcement on March 1, pledging support for a crypto reserve, Bitcoin has yet to fully recover from the volatility that followed. The price rose sharply from $85,000 to $95,000 in response to the news but quickly retraced most of those gains. As of now, Bitcoin is trading at approximately $87,190, still far from its $94,000 target.

Spot Market Selling Pressure Intensifies

The intense selling pressure in the spot Bitcoin market is playing a key role in hindering any bullish movement. The rapid sell-off has effectively erased the gains from earlier in the week, and Bitcoin’s short-term outlook remains uncertain. Analysts are not ruling out further price fluctuations, especially considering the absence of strong upward momentum.

Pseudonymous trader Rekt Capital noted on March 4 that although historical patterns suggest a potential bottom in this current price dip, Bitcoin could still experience further downward pressure. The trader pointed out that while Bitcoin might find some stability near $93,500, a further drop below this level remains a possibility.

Market Volatility and Macro-Economic Factors

Volatility is expected to continue until genuine buyers enter the market, rather than those looking for short-term gains, said Kyle Chasse of Master Ventures. Meanwhile, the upcoming U.S. Consumer Price Index (CPI) data release on March 12, followed by the Federal Reserve’s interest rate decision on March 19, could introduce additional market-moving factors.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.