Bitcoin Price Recovery: Can $100K Be the Next Milestone?
Bitcoin Price– Bitcoin (BTC) demonstrated solid performance on February 21, maintaining its price above $98,000 and securing its highest daily close in nearly three weeks. As the market began to show signs of recovery, traders were relieved after weeks of minimal volatility.
Bitcoin’s price action remained in a narrow range, but the bounce provided much-needed relief to traders. Cointelegraph Markets Pro and TradingView data revealed that BTC/USD closed at $98,330 on Bitstamp, marking a significant move following the previous day’s performance. This rebound came after a period of stagnant price action that had left many traders cautious.
US Economic Data Fuels Bitcoin’s Recovery
Recent US macroeconomic data helped fuel Bitcoin’s rise. Initial jobless claims exceeded forecasts by 4,000, reaching 219,000, signaling that the labor market may be facing challenges amid restrictive economic policies. Despite this, the CME Group’s FedWatch Tool suggests that the Federal Reserve is unlikely to cut interest rates in the upcoming March meeting, keeping pressure on broader market sentiment.
Trader Insights and Bitcoin’s Next Moves
Trader Patric H. noted that $100,000 is a critical level for Bitcoin to flip into support. A chart shared by the trader showed two descending trend lines, which need to be broken for further upside potential. Fellow trader Roman pointed to $98,400 as a pivotal level, with a potential $10,000 upside if breached. “Break 98.4k and my guess is 108k is next,” he tweeted.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
Leave a comment