Bitcoin's Rally Above $90,000 Short-Lived Amidst Institutional Pullback and Macroeconomic Uncertainties

03/06 12:11

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Bitcoin's recent surge above $90,000 was short-lived due to macroeconomic uncertainties and decreased institutional investments in the cryptocurrency market. After reaching over $95,000 on March 2, Bitcoin formed a double-top chart pattern around $94,200, signaling a potential price decline. Despite bottoming out around $81,400 the next day, Bitcoin has struggled to stay above $90,000. Analysts attribute the slump to outflows from US spot Bitcoin ETFs and concerns about inflation and economic stability. Despite the current challenges, analysts are optimistic about Bitcoin's price trajectory for late 2025, with price predictions ranging from $160,000 to over $180,000. The market is also recovering from the $1.4 billion Bybit hack on Feb. 21, the largest hack in crypto history.

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