Meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) continued their upward trajectory

The cryptocurrency market on Thursday (March 6) witnessed renewed bullish momentum as Bitcoin (BTC) surged past the $92,000 mark

Cryptocurrency prices on Thursday showed renewed bullish momentum as Bitcoin (BTC) surged past the $92,000 mark, driven by key regulatory announcements and rising institutional interest.

Bitcoin (BTC/USD)

The cryptocurrency market on Thursday witnessed renewed bullish momentum as Bitcoin (BTC) surged past the 92,000 mark, fueled by key regulatory announcements and rising institutional interest. Ethereum (ETH) and Solana (SOL) also recorded significant gains, while investor sentiment remained mixed for XRP and Cardano (ADA) due to ongoing legal and DeFi developments.

Meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) continued their upward trajectory, driven by strong community support and increasing adoption.

Cryptocurrencies in macroeconomic focus

The world’s leading cryptocurrency, Bitcoin, experienced a strong rebound on Thursday, registering a 6.22% rise to trade at $92,486. Its intraday low was recorded at $86,939.

This surge follows a volatile phase where BTC had retraced from its $103,853 all-time high in late 2024 due to fading optimism over pro-crypto policies and uncertain regulatory developments.

Despite this, institutional investments via spot exchange-traded funds (ETFs) continue to play a crucial role in Bitcoin’s price movement.

As reported by TokenPocket, the cryptocurrency market showed signs of recovery on Thursday, with most major cryptocurrencies showing gains.

Among the top ten cryptocurrencies, Bitcoin (BTC) dropped slightly in the past 24 hours by 0.04%, settling at $91,282. Meanwhile, Ethereum (ETH) rose 6.33%, reaching $2,314.16.

As for other cryptocurrencies, Solana (SOL) saw a 5.66% increase, trading at $150.07. The cryptocurrency's intraday range saw a low of $2,164.13 and a high of $2,314.16.

Moreover, small-cap altcoins like Optimism (OP) and Hedera (HBAR) also showed promise with a 3.03% and 2.67% rise respectively.

Cryptocurrencies in technical perspective

Bitcoin (BTC)

The cryptocurrency market on Thursday showed renewed bullish momentum as Bitcoin (BTC) surged past the 92,000 level, driven by key regulatory announcements and rising institutional interest.

Bitcoin saw a strong rebound, registering a 6.22% rise to trade at $92,486, with its interday low being $86,939.

This surge follows a volatile phase where BTC had retraced from its $103,853 all-time high in late 2024 due to fading optimism over pro-crypto policies and uncertain regulatory developments.

However, the recent approval of the first two U.S. spot Bitcoin ETFs by the Securities and Exchange Commission (SEC) has shifted investor attention toward institutional-grade products.

Despite the SEC’s initial rejection of applications for spot Bitcoin ETFs from firms like VanEck and WisdomTree earlier this year, the regulator finally approved applications from BlackRock (NYSE:BLK) and Invesco (NYSE:IVZ) last week.

This approval came amid reports of a setback for a Bitcoin futures ETF application by mutual fund giant State Street (NYSE:STT).

According to reports on Thursday, the SEC has pushed back on applications for a spot Bitcoin ETF from firms like ARK Invest and Cathie Wood, who are known for their innovation in the investment sector.

These applications faced difficulties due to a lack of justification for the chosen exchange-linked derivatives product.

According to an SEC official, the regulator needs a "compelling" reason to approve a product that is different from what the applicant initially proposed.

"If, in the staff's view, the applicant has not adequately explained the economic, legal, and policy considerations that counsel in favor of approval of the application from the stated statutory standard, then the application will not be approved," the official said.

This statement comes amid ongoing debate over the SEC’s role in cryptocurrency regulation.

Earlier this week, SEC Chair Gary Gensler emphasized the importance of cross-agency cooperation in crypto regulation.

At the same time, the U.S. Treasury is also reportedly preparing a framework for comprehensive cryptocurrency regulation.

These developments suggest that the broader crypto market is closely watching any new announcements or updates from key institutions.

Ethereum (ETH)

The cryptocurrency market on Thursday showed renewed bullish momentum as Bitcoin (BTC) surged past the 92,000 level, driven by key regulatory announcements and rising institutional interest.

Ethereum (ETH) also showed strength with a 6.33% gain, reaching $2,314.16. The cryptocurrency's interday range