Bitcoin Price Approaching $108K? Bulls Eye Next Bull Market ‘Pivot Point’

Bitcoin (BTC) is showing promising signs of mirroring the performance of traditional assets like stocks and gold, pushing toward near all-time highs. As of February 21, Bitcoin held steady above $98,000, achieving its highest daily close in nearly three weeks.

Bitcoin Bulls Anticipate Six-Figure Surge

According to data from Cointelegraph Markets Pro and TradingView, BTC/USD continued its upward momentum after closing at $98,330 on Bitstamp, indicating a potential path toward six figures. Although Bitcoin remains in a narrow trading range, the price movement has provided much-needed relief for traders following weeks of low volatility.

The latest US macroeconomic data, including a rise in initial jobless claims to 219,000—exceeding forecasts by 4,000—suggests that the labor market may struggle under extended restrictive policies. However, the CME Group’s FedWatch Tool indicates that the probability of the Federal Reserve reducing interest rates at the March meeting remains nearly non-existent.

Trader Patric H. suggested that turning $100,000 into a support level would be an essential move for Bitcoin’s next phase. A chart shared on X outlined two descending trend lines that need to be breached to signal further price movement. “Waiting for a move in either direction,” he remarked. Fellow trader Roman identified $98,400 as a crucial “pivot point” and predicts a $10,000 upside if the price breaks above this level. He further commented, “Break 98.4k, and I believe $108K is next.”

Bitcoin Joins Gold and Stocks in Rising Risk-Asset Market

Bitcoin’s resurgence aligns with gains in gold and stocks, as markets experience a renewed upward trend. Both gold and the S&P 500 reached new all-time highs this week, further highlighting the crypto market’s recovery from significant Q1 losses.

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