Bitcoin (BTC) price surges past $90,000, peaking at $90,120

On March 2, 2025, Bitcoin (BTC) experienced a remarkable surge, crossing the significant threshold of $90,000, peaking at $90,120 shortly after 10:28 AM UTC.

Bitcoin (BTC) price surged above the $90,000 threshold on March 2, 2025, peaking at $90,120 shortly after 10:28 AM (UTC) as major cryptocurrency prices soared amid strong institutional buying and new presidential proclamations on crypto.

Crypto Rover reported that Binance and Coinbase logged an astounding $45 billion in trading volume over the previous 24 hours.

Bitcoin’s liquidity had improved significantly, with the bid-ask spread narrowing to 0.05% just before 10:35 AM (UTC).

On-chain metrics observed by Glassnode indicated that active addresses spiked to 1.2 million at 10:40 AM (UTC), up from 900,000 the day before.

The MVRV ratio, which measures the difference between Bitcoin’s market value and its on-chain realized price, stood at 3.2, suggesting that Bitcoin was trading at a substantial premium.

Other major cryptocurrencies also reacted accordingly. Ethereum (ETH) posted a notable gain of 3.5%, reaching $4,800, and Binance Coin (BNB) rose 4.2% to $650.

The Fear and Greed Index, which reflects the overall market sentiment, reached 78—categorized as extreme greed—up from 72 the previous day.

There was also significant investment activity within the options market, with open interest for BTC call options surging by 15%, culminating at $2.5 billion at 10:50 AM (UTC).

Technical analysis showed that the Relative Strength Index (RSI) climbed to 75 by 10:30 AM (UTC), indicating strong momentum but approaching overbought territory.

The Moving Average Convergence Divergence (MACD) also indicated bullish signs, with the signal line being crossed by MACD lines around 10:25 AM (UTC).

Earlier on March 1, 2025, U.S. President Donald Trump announced his intention to create a Crypto Strategic Reserve, explicitly mentioning Bitcoin and Ethereum.

“I also love Bitcoin and Ethereum!” Trump's proclamation was well-received within the cryptocurrency community.

“Market changes happen when no one expects it. Unexpected price increase on BTC as WTI crude oil futures saw a sharp decline, and traders reacted with surprise as the market had been anticipating an increase in oil inventories,” said Michaël van de Poppe, a cryptocurrency analyst at Material Indicators.

Bitcoin was currently poised to ascend toward the $100,000 mark.

Technical indicators revealed that the cryptocurrency encountered support levels at $88,888 and $89,000, crucial in preventing further price declines.

"The Bitcoin has almost recovered all its low deviation. The low was 38.2 Fib, and we're now at 42.3 Fib. Usually, a low is fully recovered around 50 Fib," said Rekt Capital, a cryptocurrency analyst.

The AI developments surrounding NVIDIA’s recent announcement of enhanced mining capabilities for cryptocurrency also played a role.

Tokens like Render Token (RNDR) and Theta Token (THETA) surged by 10% following this news.

The trading volume for RNDR jumped by 30% to $50 million on Uniswap.

This intersection of AI and cryptocurrency was a topic of discussion at the recent ETHCC conference in Paris.

"We're at the dawn of a new paradigm with AI and crypto at the forefront. It's an exciting time to be observing market dynamics," said an analyst at a major investment firm.

Many are now eyeing the possibility of Bitcoin reaching new heights soon.

With deep liquidity, positive sentiment, and active trader engagement, the stage is set for the cryptocurrency market to continue its upward momentum.

Market participants will be watching closely to see how this bullish trend impacts upcoming trading sessions and whether Bitcoin can break through the next psychological barrier above $90,000, potentially paving the way for the elusive $100,000 target.

While the future remains uncertain as the market can be volatile, the indicators currently point to continued upward momentum for Bitcoin and the cryptocurrency market at large.