Key takeaways

• BTC is up by less than 1% and is now trading above $87k.
• It could surge towards $90k as bullish momentum builds.

Bitcoin tops $87k despite poor institutional demand

BTC, the leading cryptocurrency by market cap, is trading above the $87k level after adding less than 1% to its value in the last 24 hours. The positive performance comes after Bitcoin dipped to the $86k support level a few hours ago.

The rally also comes despite declining institutional demand in the market. Data obtained from SoSoValue shows that spot Bitcoin ETFs recorded an outflow of $188.64 million on Tuesday,  marking the fourth consecutive day of withdrawals since December 18.

With the holidays, Bitcoin has reclaimed the $87k and could rally towards $90k in the near term. However, if the outflows continue and intensify after the holidays, Bitcoin’s price could see further correction. 

BTC eyes $90k as technical indicators improve

The BTC/USD 4-hour chart is bullish and efficient despite the choppy price action in recent days. The technical indicators have improved, suggesting that the bulls are slowly regaining control of the market.

The Relative Strength Index (RSI) on the 4-hour chart stands at 49, close to the neutral 50, suggesting that the bulls are regaining control of the market. The MACD lines are also converging, indicating a building bullish bias.

If the recovery continues, Bitcoin could rally towards the next major resistance level at $90,533. This resistance has proven to be hard for Bitcoin to overcome in recent weeks, and we could expect another reaction from this level. 

If this level is surpassed, Bitcoin could rally towards the $94k resistance for the first time since December 10.

However, if the bears regain control of the market, Bitcoin could likely retest the December 18 low of $84,633 in the near term.

Key takeaways 

• BTC is up 1.5% in the last 24 hours and is now trading above $87k per coin.
• The performance comes despite the bearish sentiment in the broader crypto market.

Bitcoin recaptures $87k

The cryptocurrency market is bullish on Wednesday following a poor start to the week, with Bitcoin, Ether, and XRP currently in the green. The price action for the top three cryptocurrencies remains weak, but they could record temporary relief over the next few hours.  

Bitcoin, the leading cryptocurrency by market cap, is trading above $87k per coin but could record further losses in the near term. In an email to Coinjournal, Nic Puckrin, investment analyst and co-founder of the Coin Bureau, believes that the market could face further selling pressure over the next few days. Nic added that,

“Bitcoin is in the red once again – a chart that is becoming all too familiar as a disappointing Q4 draws to a close. Having fallen to around $86,000, BTC is now knocking on the door of its 100-week moving average – a strong support level that sits around $84,800. And, once again, AI bubble fears and concerns over future monetary policy appear to be to blame.” 

Bitcoin could extend its correction in the near term

The BTC/USD 4-hour chart is bearish and efficient as Bitcoin has underperformed since the start of the week. Bitcoin’s price faced rejection on Friday and has lost 7% of its value since then. 

BTC retested the $85,569 support level on Monday, with the level holding, allowing BTC to hit the $87,500 level on Wednesday. 

If the correction continues and the daily candle closes below the $85,569 support, Bitcoin could extend the decline toward the psychological $80,000 level.

The Relative Strength Index (RSI) on the 4-hour chart is at 38, below its neutral level of 50, indicating bearish momentum gaining traction. Moreover, the Moving Average Convergence Divergence (MACD) lines have converged, adding a bearish narrative to the chart. 

However, if the bullish trend resumes, Bitcoin could rally towards the 61.8% Fibonacci retracement level at $94,253.

Crypto prices today (March 5): The broader market embarked on a recovery-like path on Wednesday, digesting trade-war tensions post-commencement of new U.S. import tariffs on Canada, Mexico, and China. Bitcoin (BTC) price gained over 4% intraday and exchanged hands at the $87K level. Whilst Ethereum (ETH), XRP, and Solana (SOL) prices witnessed a 4%-7% uptick intraday. The recovery-like trend after a massive bloodbath across the sector sparked substantial investor optimism in light of the latest market statistics.

Crypto Prices Today: BTC, ETH, XRP, SOL Wipe Out Recent Losses

The crypto market gained nearly 4.5% over the past day, as indicated by a market cap of $2.89 trillion. Further, liquidations also cooled down after hitting the $1 billion mark yesterday, resting below $500 million as per Coinglass data. As an upshot, the market appears to have digested Donald Trump’s import tariff news, which presented major heat to prices amid speculations of a global trade wars.

BTC Price Regains $87K

BTC price soared nearly 4% in the past 24 hours and exchanged hands at $87,400. The flagship coin hit an intraday bottom and peak of $81,529.24 and $88,911.27 in the past 24 hours. Notably, Bitcoin soars alongside Japanese giant Metaplanet acquiring 497 BTC, worth $43.9 million, underscoring buying pressure on the asset.

ETH Price Surges 4%

ETH price gained over 4% today and exchanged hands at $2,159. The coin bottomed and peaked at $1,996.77 and $2,220.36 in the past 24 hours. It’s noteworthy that U.S. President Trump currently holds over $500 million worth of Ethereum, as spotlighted by renowned trader Crypto Rover on X. This data has ignited investor optimism on the asset’s future potential amid a crypto reserve announcement in the U.S.

XRP Price Pumps 7%

XRP price gained nearly 7% in the past 24 hours and closed in at $2.44. The coin hit a low and a high of $2.29 and $2.52 intraday. Ripple’s native crypto wiped out previous losses amid whales accumulating 1 billion XRP during the recent market dip.

SOL Price Crosses $140

Simultaneously, SOL price traded at $142, up nearly 5% over the day. Solana bottomed and peaked at $131.57 and $146.40 in the past 24 hours. The coin rises in tandem with the broader market trend on Tuesday.

Meme Crypto Prices Today

Dogecoin (DOGE) price shot up by 4% and rested at $0.1995. Shiba Inu (SHIB) price followed, up 3% to $0.00001293. Pepe Coin (PEPE) price also gained nearly 1% to $0.000006945.

Top Gainer Crypto Prices Today

Aave (AAVE)

Price: $209.19

24-Hour Gains: +21%

The coin’s price soars alongside the Aave community’s new proposal to improve the ecosystem’s economic framework, which encompasses advancing revenue distribution, staking incentives, and liquidity management.

Cardano (ADA)

Price: $0.9335

24-Hour Gains: +17%

Cardano price primarily soars alongside Donald Trump revealing plans to include ADA in U.S. crypto reserve.

Bitcoin Cash (BCH)

Price: $345.36

24-Hour Gains: +14%

BCH price soars alongside Bitcoin’s price recovery today.

Top Loser Crypto Prices Today

dogwifhat (WIF)

Price: $0.5656

24-Hour Loss: -6%

Worldcoin (WLD)

Price: $0.952

24-Hour Loss: -5%

Optimism (OP)

Price: $0.9263

24-Hour Loss: -3%

In conclusion, the crypto market showcased positive signs after a bloodbath, indicating that potential gains lie ahead despite the previous macro heat and liquidity setbacks.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.