Bitcoin Faces Tough Battle to Break $94K Amid Market Uncertainty

Bitcoin is struggling to reclaim the $94,000 mark after failing to hold above that level earlier this month. Analysts from Bitfinex warn that any attempt to push the price back up may face strong resistance due to selling pressure in the market.

Bitcoin Selling Pressure Wipes Out Recent Gains

Bitcoin’s latest price fluctuations was partly propelled by Donald Trump’s recent announcement where he pledged his support for a US crypto reserve. This announcement resulted in a 12% upswing in BTC price from $85,000 to $95,000. However, analysts note that the spot market saw heavy selling pressure, which quickly erased most of those gains.

Currently, Bitcoin is trading around $87,190, meaning it would need to rise nearly 8% to reach $94,000 again. Analysts remain cautious, as there are no clear signs of a strong recovery or a bottom forming in the market. Crypto trader Rekt Capital pointed out that while historical trends suggest Bitcoin might have found a temporary low, the possibility of further declines still exists.

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Volatility Expected Until Real Buyers Step In

Experts still expect price volatility to persist until stronger purchasing activity kicks in. Adler’s Analysis put emphasis on the support level of Bitcoin at $81,000 previously, which was set as a positive value. But, experts such as Michaël van de Poppe think that it’s best to wait until the week is over to consider Bitcoin’s next step, with crucial macroeconomic data coming in such as the U.S. CPI on March 12 that might have value in determining price movement.

Kyle Chasse, founder of Master Ventures, stands firm on believing that Bitcoin will be sideways if long term investors, as opposed to short term speculative traders enter the market. The Crypto Fear and Greed Index is currently resting at 20, which indicates ‘extreme fear’ and leaves investors in doubt.

These are the worries for Bitcoin, but in the next few weeks it will be clear whether the price will surpass $94,000 or take another downward turn.