Cointelegraph Team
Cointelegraph
Bitcoin (BTC) continued to climb towards $9,000 on March 2, reaching a five-day high as markets appeared to recover from coronavirus fears.
Cryptocurrency market daily overview. Source: Coin360
Van de Poppe: BTC price can reclaim $9K
Data from Coin360 and Cointelegraph Markets placed the largest cryptocurrency at over $8,800 at press time, slightly down from highs of $8,900 seen earlier.
Daily gains for BTC/USD totaled 3.2%, in line with a rebound on some traditional markets as states rush to supply financial stimulus packages to boost their economies.
Bitcoin 1-day price chart. Source: Coin360
While coronavirus continues to spread, it appeared investors were more interested in seeing short-term remedies to limit last week’s heavy losses.
“Reasoning seems to be that, if bad news is good news, then awful news must be fantastic!” market commentator Holger Zschaepitz ironically summarized on Twitter.
Zschaepitz referenced a mainstream media which described the gains as being “built on sand.”
Bitcoin analysts were also tentatively optimistic for the coming days. For Cointelegraph Markets analyst Michaël van de Poppe, a break higher could propel BTC/USD as high as $9,175 before resistance kicks in.
“Still remaining the same on higher timeframes, but we might see a bounce upwards to $9,175 here,” he told Twitter followers on Monday.
That's my main level to watch for potential resistance, if market bounces up.
Crypto market cap returns to $250B
Press-time levels meanwhile roughly correspond to those dictated by Bitcoin’s stock-to-flow average prior to the block reward halving in May.
Overall, Bitcoin was still down 9.3% on the day versus the beginning of the previous week, while monthly losses totaled a more modest 5.7%.
Beginning on Sunday, the combined cryptocurrency market cap nonetheless added $11 billion, rising to $252 billion as of press time.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
TRUMP token leads $906 million in unlocks this week with over $330 million release
According to Tokenomist, 15 altcoins will unlock more than $5 million each in the next 7 days. Wu Blockchain data shows that the total unlocked value exceeds $906 million, of which the TRUMP token will unlock more than $330 million.
Why Mantra token’s dramatic 90% crash wiped out $5.2B market share
Mantra price hovered at $0.83 during the Asian session on Monday, following a massive 90% crash from $6.33 on Sunday. The crash wiped out $5.2 billion in the token’s market capitalization, quickly drawing comparisons to the infamous collapse of Terra LUNA and FTX in 2022.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC is on the verge of a breakout while ETH and XRP stabilize
Bitcoin price approaches its key resistance level at $85,000 on Monday; a breakout indicates a bullish trend ahead. Ethereum and Ripple found support around their key levels last week, suggesting a recovery is in the cards.
Bitcoin and crypto market sees recovery as Fed official says agency ready to stabilize market if necessary
Bitcoin rallied 5% on Friday, trading just below $84,000 following Susan Collins, head of the Boston Federal Reserve (Fed), hinting that the agency could stabilize markets with "various tools" if needed.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin (BTC) price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.