Bitcoin (BTC) Price Stays at $91264, Marking a 6% Rebound

As of Thursday, March 6, 2025, the Bitcoin (BTC) price stays at $91,264, marking a 6% rebound from its February 27 low of $83,000.

Bitcoin (BTC) price recovered to $91,264 by Thursday, March 6, signaling a 6% rebound from its February 27 low of $83,000. This price rebound comes amid easing trade tensions, renewed institutional confidence, and technical signals suggesting an accumulation period.

However, despite the recovery, analysts remain divided on whether this signals sustainable growth or a temporary reprieve.

BTC price today also saw two hammer patterns on the daily chart which might be a good reason to start considering buying the oldest cryptocurrency.

What Is Bitcoin Price Today? BTC Tests $92,790

Bitcoin prices continued their ascent for a third consecutive session on Thursday, returning to the consolidation range that has been forming since November.

During Wednesday's session, Bitcoin experienced a nearly 4% gain, and it currently shows a 0.75% increase, trading just below the $91,300 mark.

However, the cryptocurrency's intraday high reached $92,790.

The positive momentum in the Bitcoin market is also driving gains in altcoins. Ethereum (ETH) and XRP both saw gains of approximately 4%, while Solana (SOL) and Dogecoin (DOGE) experienced gains exceeding 5%.

Current Bitcoin Market Dynamics: March 6 Snapshot:

Will Bitcoin Go Up? BTC/USDT Technical Analysis

In my previous Bitcoin technical analyses, I highlighted key buy signals that emerged between late February and early March. Twice, these signals took the form of pin bars (hammer patterns):

Both of these single-candle formations indicated strong rejection of lower levels and significant accumulation by buyers around the November lows.

As a result, BTC has been rising for the third consecutive session, returning to the consolidation range that we've observed over the past four months.

Currently, Bitcoin is "stuck" at the lower boundary of this range, defined by the lows from November to January, ranging between $90,000 and $92,000. Additionally, it faces resistance from the 50 EMA, located around $94,400.

However, the technical outlook is far better than it was a month ago, and in my view, we are gradually heading toward the $108,000–$109,000 range, presenting a potential 20% upside.

At this point, I wouldn't enter any long positions yet. Instead, I would wait for another confirmation signal—either around the current price zone or above the 50 EMA.

What Happened to Bitcoin?

The February Slump: Anatomy of a 20% Correction

Bitcoin's decline from its January peak of $109,350 to $83,000 between February 21-27 wiped out nearly $300 billion in market capitalization. Three primary factors drove this correction:

1. Institutional Profit-Taking and ETF Outflows

The approval of spot Bitcoin ETFs in January 2024 initially propelled prices to record highs, but February saw $20 billion flow out of these instruments as institutions locked in gains. Avinash Shekhar, CEO of Pi42, noted that over 79,000 BTC were sold at a loss within 24 hours during the correction's peak, signaling panic among leveraged traders.

2. Geopolitical Tensions and Dollar Strength

Former President Donald Trump's threat of 25% tariffs on EU imports triggered risk-off sentiment across global markets. The U.S. dollar index (DXY) strengthened to 105.4 during this period, pressuring Bitcoin's dollar-denominated valuation. Ryan Lee of Bitget Research observed that Bitcoin recovered faster than equities, with tech stocks also facing headwinds from rising bond yields.

3. Technical Breakdowns and Liquidation Cascades

The breach of the $85,000 support level on February 25 triggered $1.2 billion in derivatives liquidations. Glassnode data revealed Bitcoin's 30-day realized volatility spiked to 82%, exceeding levels seen during the 2020 COVID crash. The Average Directional Index (ADX) plunged from 27.6 to 17.5, indicating trend exhaustion.

The March Rebound: Catalysts Behind the 10% Recovery

Bitcoin's resurgence to $91,264 by March 6 stems from four converging drivers:

1. Tariff Relief and Dollar Weakness

Trump's decision to delay auto tariffs on Canada and Mexico until April 2025 eased trade war fears, weakening the DXY to 103.77. This boosted demand for inflation-hedge assets, with Bitcoin's 30-day correlation to gold turning positive (+0.34) for the first time since 20