Bitcoin (BTC) continued to climb towards $9,000 on March 2, reaching a five-day high as markets appeared to recover from coronavirus fears.

Cryptocurrency market daily overview. Source: Coin360

Cryptocurrency market daily overview. Source: Coin360

Van de Poppe: BTC price can reclaim $9K

Data from Coin360 and Cointelegraph Markets placed the largest cryptocurrency at over $8,800 at press time, slightly downward from highs of $eight,900 seen earlier.

Daily gains for BTC/USD totaled three.2%, in line with a rebound on some traditional markets as states rush to supply fiscal stimulus packages to boost their economies.

Bitcoin 1-day price chart. Source: Coin360

Bitcoin 1-twenty-four hours price chart. Source: Coin360

While coronavirus continues to spread, it appeared investors were more interested in seeing short-term remedies to limit last week's heavy losses.

"Reasoning seems to be that, if bad news is good news, then awful news must be fantastic!" marketplace commentator Holger Zschaepitz ironically summarized on Twitter.

Zschaepitz referenced a mainstream media which described the gains as beingness "built on sand."

Bitcoin analysts were also tentatively optimistic for the coming days. For Cointelegraph Markets annotator Michaël van de Poppe, a pause higher could propel BTC/USD every bit high as $9,175 before resistance kicks in.

"Still remaining the same on college timeframes, but we might run into a bounce upward to $ix,175 here," he told Twitter followers on Monday.

"That'south my main level to watch for potential resistance, if market bounces up."

Crypto market cap returns to $250B

Printing-fourth dimension levels meanwhile roughly correspond to those dictated by Bitcoin's stock-to-menses boilerplate prior to the block reward halving in May.

Overall, Bitcoin was still down 9.iii% on the solar day versus the outset of the previous week, while monthly losses totaled a more pocket-sized 5.vii%.

Commencement on Sunday, the combined cryptocurrency marketplace cap nonetheless added $xi billion, rising to $252 billion as of press time.

Go along rail of height crypto markets in existent time here