Bitcoin struggles to reclaim $94K amid market resistance

Bitcoin (CRYPTO:BTC) faces challenges in surpassing the $94,000 mark after failing to sustain its recent attempt to break through the level, according to Bitfinex analysts.

The cryptocurrency, which fell below $94,000 on March 2, has not regained momentum despite initial surges.

"Any recovery to take the price back above $94,000 might face significant resistance," Bitfinex analysts stated in a March 3 market report.

The decline follows increased volatility triggered by U.S. President Donald Trump’s March 1 announcement of a proposed crypto reserve, which briefly pushed Bitcoin’s price up 12% from $85,000 to $95,000.

However, intense selling pressure in the spot market erased most of those gains, with Bitcoin currently trading at around $87,190, an 8% gap from the $94,000 mark, according to CoinMarketCap data.

Bitcoin’s price has dropped 7.12% over the past 30 days, reflecting uncertainty among traders and analysts.

Pseudonymous crypto trader Rekt Capital noted on March 4 that historical patterns suggest the market may have found a temporary bottom, but further declines remain possible.

“History suggests the bottom may very well be in on this downside deviation,” Rekt Capital stated, though he warned that Bitcoin could dip below $93,500 again.

Axel Adler, another crypto analyst, pointed out that the market reacted positively when Bitcoin briefly touched $81,000, considering it a "good sign."

Meanwhile, MN Trading founder Michaël van de Poppe suggested that market participants should wait until the week concludes, citing upcoming macroeconomic events.

The U.S. Consumer Price Index (CPI) for February, scheduled for release on March 12, and the Federal Reserve’s interest rate decision on March 19 are expected to influence Bitcoin’s price movement.

Master Ventures founder Kyle Chasse remarked that Bitcoin’s volatility will likely persist until long-term investors enter the market instead of short-term traders seeking arbitrage.

The Crypto Fear Greed Index, which measures market sentiment, remains in the “Extreme Fear” category with a score of 20, where it has been since February 25.

At the time of reporting, the Bitcoin (BTC) price was $87,264.41.