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With an extension of the overnight recovery, Bitcoin is trading at a market price of $89,817. Within the past 24 hours, $BTC price has reached a high of $90,623. This marks a significant recovery from the 7-day low of $78,197.
However, the massive fluctuations have also created a 7-day high at $95,152. The recovery run in $BTC price had a potential comeback to $94,000.
Reversal in Bitcoin Prices Aim 50D EMA
In the daily chart, the $BTC price trend showcases bullish sustenance above the 200-day EMA line. This results in a morning star pattern with a low price rejection driving the rally.
As $BTC price fluctuates near the $90,000 mark, the recovery run is projecting a surge in buying pressure. Hence, the momentum indicator reflects the MACD and signal lines on the verge of giving a positive crossover.
Furthermore, the morning star pattern formed in Bitcoin is near the dynamic support level. This increases the chances of a bullish comeback in $BTC prices.
However, the prevailing downfall projects the 100-day EMA line as the immediate resistance near $92,964.
Analyst Points Bullish Stride Ahead
The crypto analyst Titan of Crypto highlights the possibility of a massive rally in $BTC prices. As per his Ichimoku analysis, the lower price rejection in the weekly candles highlights the $BTC price taking support at the Kijun line.
#Bitcoin Regaining Momentum 🚀#$BTC has reacted strongly to the Kijun 🔵 acting as support on the weekly chart.
A weekly close above the Tenkan 🔴 at around 94,000 would confirm a shift in momentum and reinforce the bullish case. pic.twitter.com/WCKrMmbGTw
— Titan of Crypto (@Washigorira) March 5, 2025
The Kijun line is acting as a weekly support for $BTC prices. The current lower price ejection hints at a potential weekly closing in Bitcoin above the Tenkan line at the $94,000 mark.
This will signal a shift of momentum in Bitcoin and increase the chances of a new all-time high.
ETFs Maintain Outflowing Stance
The US spot Bitcoin ETFs on March 3 witnessed an outflow of $143.43 million. Grayscale recorded an inflow of $35.79 million. However, six Bitcoin ETFs recorded a net outflow between $13 million to $46 million.
Meanwhile, five spot ETFs, including BlackRock, maintained a net zero flow. This marks the second day of a consecutive outflow in Bitcoin ETFs, surpassing a total of $200 million.
Will Bitcoin Price Hit $100k?
As per the $BTC price analysis, the recovery run in Bitcoin is likely to follow if the broader market remains stable. However, with the ongoing tariff wars and the global market instability, the $BTC price is likely to remain volatile.
Nevertheless, the horizontal levels at $99,514 and the $106,000 supply zone remain crucial resistances. On the flip side, the 200-day EMA near the $85,000 mark, and the $80,000 psychological support remains the key demand level.