After reaching its latest low Bitcoin shows powerful growth which invites guesses on if it can reach $95,000 before March ends. A lower-than-anticipation reading of the U.S. core CPI index gives traders reason to buy bitcoin aggressively as existing short positions worth $300 million face liquidation when prices reach $85,000.

Bitcoin recovered 3% following its downward trend which began toward the end of January. The cryptocurrency hit $80,000 as low point but returned to its previous level on March 11. The market saw a price surge after U.S. core CPI was released on March 12 because it registered below the expected 3.1% increase. 

Market Sentiment Boosts Bitcoin’s Outlook

Market sentiment improved due to the news which made Bitcoin more likely to surpass its main blocking points. After its dip on March 9 Bitcoin needed to exceed $84,000 before it could pass the area around $85,000 three times. 

Market participants created short bets within this range as trading maps showed plans to liquidate over $300 million worth of positions when Bitcoin cleared $85,000. The demand for Bitcoin continues to grow because its price has not yet reached the $85,000-$86,000 trading opportunity on CME Bitcoin futures. 

The price gaps between resistance levels have usually been closed within few days throughout market history. The upcoming reversal from $85,000 will enable the market to reach $90,000 while wiping out $1.6 billion worth of short option positions which may advance the price goal to $95,000.

Bitcoin’s Path To $95K Remains Uncertain

Bitcoin analysts share different opinions about its market direction during the next few weeks. Mark Cullen looks for an upward price movement but expects a pause and regression before any strong advance. According to crypto analyst Valeria stockpiles around $85,000 suggest that Bitcoin may fall past $80,000 before pushing for another price increase.

Data reveals separate buying and selling patterns for Binance compared to Coinbase. As Binance spot trading activity reveals data shows its traders engaged in forceful selling after BTC touched $85,000. BTC successfully recovered from $76,650 because Coinbase buyers entered the market but Binance traders remained bearish.

On March 12 traders from Binance sold BTC near $85,000 whereas their counterparts on Coinbase bought at $81,000 to stop the price from declining further. For several years Coinbase has helped Bitcoin grow stronger but current variations in trading patterns between exchanges make BTC stride slower.

The success of BTC upward push past these targets needs total support from buyers on Binance and Coinbase. The approaching weeks will show if BTC retains its upward direction or needs to recover from current losses.