As of March 6, 2025, Bitcoin (BTC) is trading at approximately $90,845.
Over the past week, Bitcoin's price has experienced significant volatility, influenced by various macroeconomic and geopolitical factors.
Recent Market Movements
Bitcoin's price trajectory has been notably impacted by recent policy announcements. President Donald Trump's proposal to impose 25% tariffs on Mexico and Canada has contributed to a market sell-off, with Bitcoin falling below $80,000—a 28% drop from its January high. Additionally, a significant hack of the ByBit exchange, resulting in a $1.5 billion loss, has increased market volatility and investor caution.
Conversely, positive developments have also played a role. President Trump's announcement of establishing a U.S. Crypto Strategic Reserve, including assets like Bitcoin, Ether, XRP, Solana, and Cardano, led to a market surge. Bitcoin's value rose by 7.2%, reaching $92,068, though it remains below its all-time high of $109,135 from January.
Technical Analysis
Technical indicators suggest that Bitcoin is currently in a consolidation phase. After rebounding from a low of $86,339, BTC tested resistance at $90,935. The market is now observing whether Bitcoin can maintain support above this level or if it will face another pullback.
Price Predictions for the Week
Forecasts for Bitcoin's price over the next week vary:
CoinCodex predicts a 0.93% increase, with Bitcoin reaching $93,812 by March 7, 2025.
Binance projects Bitcoin's price to be $91,239.85 on March 7, 2025, and $91,227.65 on March 6, 2025.
CoinGape provides a more conservative estimate, forecasting Bitcoin's price to be $88,513.32 by March 12, 2025.
Conclusion
Bitcoin's price is currently influenced by a mix of positive and negative factors, leading to heightened volatility. While some forecasts suggest modest gains in the coming week, others anticipate a stabilization around current levels. Investors should remain cautious and consider both macroeconomic developments and technical indicators when making decisions.
