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Bitcoin has surpassed $90,000, bouncing back from its dip below $83,000 after the crypto market crashed due to Trump’s tariff announcement.
According to data from crypto.news, BTC (BTC) briefly surged to a peak price of $90,364 on March 5 at around 10:40 UTC. The largest cryptocurrency by market cap started the day trading just barely above $80,000, now it appears to be rebounding from its previous slump.
At press time, Bitcoin has gone up by 8% and is currently trading hands at $90,301. It has managed to stay above the $90,000 mark, only dipping slightly instead of making an instant correction as previous instances have shown. In the past week, BTC has increased slightly by 1.9%. But in the past month, it has seen more lows than highs as it has slipped by 6.1%.
The effect has carried over to BTC’s market cap, boosting it by 7.4% to $1.78 trillion. In contrast, the token’s 24 hour trading volume has declined by 20.8%, standing at $57.4 billion.
Will Bitcoin stay above $90k?
Earlier today, Fundstrat’s head of research, Tom Lee said that he expects a BTC market bottom to form as early as this week. This means the asset will usually bounce from certain lower levels as the market bottom acts as a springboard, shooting the price upwards.
The analyst explained that he expects more short-term volatility before BTC can bounce back. According to Lee, the bottoming phase could send BTC hurtling lower to $62,000 this month, dragging it down to one of its lowest levels in the past four months.
On the other hand, Network economist Timothy Peterson said in a recent post that “there is a 95% chance” that Bitcoin will not fall below $69,000. He used a chart that expands on BTC’s lowest price based on historical data to predict where the price won’t fall.
Bitcoin experienced a boost after Trump reaffirmed his plans to establish a crypto reserve, surging 8% and reaching above $93,000. However, the rally did not last as only a day after the announcement, Bitcoin fell back by nearly 10% to $83,180. Many traders believed it was due to Trump’s declaration that trade tariffs on Canada and Mexico will take effect on March 4.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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