Bitcoin recovers $92,000 but market sentiment remains in "extreme fear"

Author: Ciaran Lyons, CoinTelegraph; Translated by: Wuzhu, Golden Finance

Bitcoin’s price has just rebounded to above $92,000 after several days of turmoil, although cryptocurrency market sentiment trackers show 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 cryptocurrency Fear and Greed Index, which tracks overall market sentiment, is still in a state of "extreme fear", with a score of 25 and a gain of only 5 points in the same period.

Cryptocurrency sentiment falls into “extreme fear”

The surge in prices marks a key range for some traders, who see it as a necessary condition for further upside confirmation. MN Trading founder Michaël van de Poppe said in a March 5 X post that the “key resistance level” is $91,500.

“Basically, if the situation reverses, we’ll go back to that range and then we’ll get 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, which briefly hit before the inauguration of US President Donald Trump on January 20.

As of the time of this article, Bitcoin was trading at $92,170. Source: CoinMarketCap

Other traders were also confused. “No one knows what the hell is going on,” said anonymous cryptocurrency trader Mandrik.

Market participants have different opinions on the direction of Bitcoin

Some say that 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 the U.S. cryptocurrency summit," said cryptocurrency commentator Bitcoin Malaya on March 5.

The White House Cryptocurrency Summit is scheduled to take place on March 7 and is expected to have more than 25 participants, including members of the President’s Digital Assets Task Force.

Bitcoin has experienced a period of turbulence, falling below $80,000 on February 28 after Trump issued tariff threats to Europe, the first time since November.

Although Bitcoin briefly hit $94,727 on March 2 after Trump announced his promise to build a cryptocurrency reserve on March 1, it fell back to $82,171 in just two days.

The sharp decline has led Bitfinex analysts to predict that “any rebound that brings prices back above $94,000 could face huge resistance.”