Bitcoin stayed at $98,000 on February 21st as the Bulls saw the best daily closure in nearly three weeks.
BTC/USD 1 hour chart. Source: CointeLegraph/TradingView
Bitcoin traders expect six-figure returns
Cointelegraph Markets Pro and TradingView It showed that the BTC/USD building is profiting after the previous daily candles were closed at $98,330 on Bit Stamp.
While still in a narrow range, Bitcoin (BTC) price action provided much needed relief to traders after weeks of volatility.
US macro data aided the recovery, with initial unemployment claims reaching 219,000, exceeding the median forecast of 4,000. This is a potential indication that the labour market may not be able to withstand longer periods of restrictive economic policies.
Latest estimates for CME Groups FedWatch Tool Nevertheless, at the next meeting in March, the possibility of the Federal Reserve cutting interest rates continued to be virtually zero.
Probability of the FED target rate. Source: CME Group
analysis In the medium time frame of BTC/USD, trader Patrick H said flipping $100,000 to provide support is one of the key next moves.
The chart uploaded to X showed two downward trend lines that required a breach.
“We're waiting for movement in either direction,” he said in a subsequent commentary.
BTC/USD 1 day chart. Source: Patric H/X
fellow trader Roma explained $98,400 should be a “pivot point” and cause $10,000 upside if the price passes.
“Breaking 98.4K, my guess is 108 next,” the trader said on the X-Post the previous day.
“I really love how low the volume is, as prices have dropped in this range. Let's hope for a breakout!”
BTC/USD 1 day chart. Source: Roman/X
BTC prices lose all-time highs from risk assets races
Thus, Bitcoin joined gold and stocks, and rising risk assets have boosted the market.
Related: Bitcoin Bull Market Can Survive $77K BTC Price Dip in 2025 – Analyst
New record highs for both Gold and S&P 500 this week further highlighted the crypto market's needs to recover a massive first quarter loss.
“In fact, gold has more than doubled the YTD return on the S&P 500. In 2024, Gold and S&P 500 had an unprecedented correlation of ~0.81. x Thread.
Gold Futures vs. S&P 500 chart. Source: Kobeissi Letter/x
Gold's market capitalization exceeded $20 trillion for the first time in history, but Bitcoin supporters were barely impressed.
“Gold is the greatest ever! Congratulations to everyone who has invested in gold over the past five years! At that point you've almost doubled!” Network Economist Timothy Peterson, popular paper, “Metcalf's Laws are , as a model for the value of Bitcoin. I said x.
“On average, Bitcoin doubled every 16 months.”
Bitcoin vs. Gold Chart. Source: Timothy Peterson/X
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
