Bitcoin (BTC) has risen about 16% after falling below $79,000 on February 28, but fear in the market and uncertainty among participants still raise doubts about future trends.

After several days of volatility, BTC's price has just recovered to above $92,000, although the cryptocurrency market sentiment tracker shows that investors remain cautious. According to CoinMarketCap, BTC is currently trading at $92,170, up 5.7% in the past 24 hours. Despite the surge in BTC's price, the "Crypto Fear and Greed Index," which tracks overall market sentiment, remains in a state of "extreme fear," scoring 25, having only increased by 5 points during the same period.

Cryptocurrency market sentiment remains in "extreme fear."

For some traders, the price surge marks a key range, which they believe is a necessary condition for confirming further increases. Michaël van de Poppe, founder of MN Trading, stated in a post on X on March 5 that the "key resistance level" is $91,500.

"Basically, if we break this position, we will re-enter this range and possibly break through the other side of the range, setting a new all-time high," van de Poppe said. Currently, Bitcoin's all-time high is $109,000, which was briefly reached before U.S. President Trump's inauguration on January 20.

As of the time of writing, Bitcoin is trading at $92,170. Source: CoinMarketCap

However, other traders are confused. "No one knows what's really going on," said anonymous cryptocurrency trader Mandrik.

Market participants have differing opinions on Bitcoin's trajectory.

Some believe that the upcoming U.S. cryptocurrency summit will be a key factor in determining Bitcoin's short-term performance. Cryptocurrency commentator Bitcoin Malaya stated on March 5, "People are uncertain and waiting to see what happens next, like the U.S. cryptocurrency summit."

The White House cryptocurrency summit is scheduled for March 7, with over 25 participants expected, including members of the President's Digital Asset Working Group.

The summit comes at a time when Bitcoin is experiencing a period of intense volatility. On February 28, Bitcoin's price fell below the $80,000 mark for the first time since last November, primarily influenced by the Trump administration's tariff threats to Europe.

Although BTC's price briefly climbed to $94,727 on March 2 due to the cryptocurrency reserve plan announced by Trump on March 1, the upward momentum did not last, and it fell back to $82,171 just two days later.

This sharp pullback prompted analysts at Bitfinex to predict that "any attempt to rise above $94,000 may encounter significant resistance."

Related: Metaplanet buys the dip with 497 Bitcoins, stock price rises 19%

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