Bitcoin has now climbed around 16% after falling below $79,000 on Feb. 28, but fearful sentiment and uncertain market participants cast doubt over where to next.
The price of Bitcoin has just recovered back over $92,000 after several days of turbulence, though a crypto market sentiment tracker shows investors are still cautious.
Bitcoin (BTC) is trading at $92,170, having jumped 5.7% over the past 24 hours, according to CoinMarketCap data. Despite Bitcoin's price spike, the Crypto Fear & Greed Index, which tracks overall market sentiment, remains in “Extreme Fear” at a score of 25, having risen just 5 points during the same period.
The price spike marks a crucial range for some traders, who believe it was needed for further upside confirmation. MN Trading founder Michaël van de Poppe said in a March 5 X post that the “crucial resistance” is $91,500.
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