Bitcoin holds $98K as traders eye $108K breakout
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Bitcoin stabilizes near $98,000, highest daily close in nearly three weeks
Price action has provided relief to traders after weeks of low volatility, with BTC/USD closing at $98,330 on bitstamp the next key resistance remains at $100,000, which traders see as a crucial pivot level for further upside.
Macro data supports Bitcoin’s move
Us jobless claims came in higher than expected at 219,000, suggesting potential weakness in the labor market, which could eventually push the federal reserve toward easing monetary policy despite this, the CME group’s fedwatch tool still indicates near-zero probability of a rate cut in march, keeping macro uncertainty in play.
Traders eye breakout targets
Trader Patric H. emphasized that BTC must flip $100,000 into support to confirm continued upside Roman, another crypto trader, called $98,400 a pivot level, expecting a move toward $108,000 if price clears this resistance technical patterns show a descending trend line breakout is needed before a confirmed bullish continuation.
Bitcoin lags behind gold and stocks in risk-asset rally
Gold hit new all-time highs, surpassing a $20 trillion market cap, while the S&P 500 also set fresh records Bitcoin still needs to recover early q1 losses, though its long-term performance remains superior with historical doubling cycles every 16 months, as noted by network economist timothy peterson.
Trading outlook
Bitcoin needs to break and hold $98,400-$100,000 for bullish confirmation if volume and momentum pick up, $108,000 becomes the next target, with further extension toward $112,000 on the downside, support remains at $96,000-$94,500, where buyers have previously stepped in.
Price action has provided relief to traders after weeks of low volatility, with BTC/USD closing at $98,330 on bitstamp the next key resistance remains at $100,000, which traders see as a crucial pivot level for further upside.
Macro data supports Bitcoin’s move
Us jobless claims came in higher than expected at 219,000, suggesting potential weakness in the labor market, which could eventually push the federal reserve toward easing monetary policy despite this, the CME group’s fedwatch tool still indicates near-zero probability of a rate cut in march, keeping macro uncertainty in play.
Traders eye breakout targets
Trader Patric H. emphasized that BTC must flip $100,000 into support to confirm continued upside Roman, another crypto trader, called $98,400 a pivot level, expecting a move toward $108,000 if price clears this resistance technical patterns show a descending trend line breakout is needed before a confirmed bullish continuation.
Bitcoin lags behind gold and stocks in risk-asset rally
Gold hit new all-time highs, surpassing a $20 trillion market cap, while the S&P 500 also set fresh records Bitcoin still needs to recover early q1 losses, though its long-term performance remains superior with historical doubling cycles every 16 months, as noted by network economist timothy peterson.
Trading outlook
Bitcoin needs to break and hold $98,400-$100,000 for bullish confirmation if volume and momentum pick up, $108,000 becomes the next target, with further extension toward $112,000 on the downside, support remains at $96,000-$94,500, where buyers have previously stepped in.