Bitcoin's 10% Surge: Climbing Out of Bear Market

Bitcoin's price has rebounded by over 10% to trade at around $94,000, climbing out of a technical bear market, according to recent data. This recovery comes after a challenging February, during which the largest cryptocurrency experienced its worst month since June 2022. The price of Bitcoin fell by over 17% last month, from over $101,000 to around $84,350. The price dip pushed Bitcoin into a technical bear market, with the price declining by over 20% from its all-time high.

Several factors contributed to Bitcoin's poor performance in February. Market sentiments have tempered since the election of U.S. President Donald Trump, who made bold promises to the crypto community during his re-election campaign. However, the initial excitement surrounding Trump's perceived pro-crypto stance appears to be waning. Investors are growing nervous as they await a clear crypto regulatory framework from the Trump administration. Additionally, inflationary pressures are increasing while growth prospects are fading, further impacting Bitcoin traders' sentiment.

Despite the current decline and less-than-ideal market sentiment, some analysts remain bullish on Bitcoin's prospects. Standard Chartered analyst Geoff Kendrick believes that Bitcoin could still hit $500,000 before the conclusion of Trump's second administration. Kendrick's optimism is based on the potential for pro-crypto changes to manifest in the industry, despite the current challenges.

As of press time, Bitcoin is ranked #1 by market capitalization, with a price increase of 9.91% over the past 24 hours. The total crypto market is valued at $3.14 trillion, with a 24-hour volume of $172.18 billion. Bitcoin dominance is currently at 59.48%.