$108K BTC price next? Bitcoin reaches bull market ‘pivot point’

Bitcoin preserved $98,000 on Feb. 21 as bulls noticed their highest day by day shut in almost three weeks.

Bitcoin dealer expects return of six figures

Information from Cointelegraph Markets Professional and TradingView confirmed BTC/USD constructing on features after the earlier day by day candle closed at $98,330 on Bitstamp.

Whereas nonetheless in a slender vary, Bitcoin (BTC) worth motion supplied much-needed aid to merchants after a number of weeks of barely any volatility.

US macro knowledge aided the restoration, with preliminary jobless claims exceeding the median forecast by 4,000 to achieve 219,000, a possible signal that the labor market could not stand up to longer durations of restrictive financial coverage.

The newest estimates from CME Group’s FedWatch Instrument nonetheless continued to show virtually zero chance of the Federal Reserve reducing rates of interest at its subsequent assembly in March.

Analyzing medium timeframes on BTC/USD, dealer Patric H. stated flipping $100,000 to help was one of many important subsequent strikes.

A chart uploaded to X confirmed two descending development strains in want of being breached.

“Ready for a transfer in both path,” he stated in a subsequent commentary.

Fellow dealer Roman described $98,400 as a “pivot level” that ought to spark $10,000 of upside if worth passes it.

“Break 98.4k and my guess is 108 is subsequent,” the dealer stated in an X put up the prior day.

“Actually liking how quantity is trending decrease as worth went down throughout this vary. Let’s hope for a breakout!”

BTC worth all-time excessive lacking from risk-asset race

Bitcoin thus joined gold and shares as a rising risk-asset tide took markets greater.

Associated: Bitcoin bull market can survive $77K BTC worth dip in 2025 — Analyst

New document highs for each gold and the S&P 500 this week additional underscored crypto markets’ must get well hefty Q1 losses.

“Actually, gold has greater than DOUBLED the S&P 500’s YTD return. In 2024, gold and the S&P 500 had an unprecedented correlation of ~0.81,” buying and selling useful resource The Kobeissi Letter famous in an X thread.

Gold’s market cap crossed $20 trillion for the primary time in historical past, however Bitcoin proponents have been little impressed.

“Gold is at a brand new all-time excessive! Congratulations to everybody who has invested in gold these previous 5 years! You will have nearly doubled your cash in that point!” community economist Timothy Peterson, creator of the favored paper “Metcalfe’s Legislation as a Mannequin for Bitcoin’s Worth,” stated on X.

“On common, Bitcoin doubled each 16 months.”

This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer entails danger, and readers ought to conduct their very own analysis when making a call.