A positive change in macroeconomic conditions and equities performance boosted Bitcoin price, but is $92,000 possible?
Bitcoin (BTC) price surged by 3% on March 24, distancing from its $76,900 low on March 11 despite failing to sustain the $88,000 level. Now, traders are wondering what factors could drive Bitcoin’s daily close above $92,000, which last occurred on March 3. Adding to cryptocurrency investors’ frustration, gold is trading just 1% below its record high of $3,057, while Bitcoin price trades 19% away from its all-time high.
S&P 500 futures (left) vs. Bitcoin/USD (right). Source: TradingView / Cointelegraph
Some analysts attribute Bitcoin’s recent price gains to the US-listed company Strategy increasing its BTC reserves, while others highlight macroeconomic factors, such as easing inflation expectations and a softer stance from US President Donald Trump on tariffs. Despite this constructive backdrop, traders question what is preventing Bitcoin from maintaining its bullish momentum.
