Bitcoin is inching closer to reclaiming the much-coveted $100,000 level, currency trading at $98,407, according to CoinGecko data. Earlier this Thursday, Bitcoin reached an intraday high of $98,504 after a 2.5% price increase. The flagship cryptocurrency is now nearing key horizontal resistance.
Read more on U.Today https://u.today/bitcoin-btc-on-cusp-of-reclaiming-100k
Over the past two weeks, the bulls have repeatedly tried and failed to gain a foothold above the $98,000 level.
Bitcoin has not traded above the $100,000 level since Feb. 7, prompting some speculation about whether or not the cryptocurrency’s rally has already run out of steam. Related Thu, 02/20/2025 – 12:18 Adam Back Makes Bullish Case for Bitcoin as BTC Price Reclaims $97,000 Godfrey Benjamin
The cryptocurrency reached a new all-time peak of $109,356 on Jan. 20 on the Bitstamp exchange. However, it has since experienced a painful 16% correction.
As reported by U.Today, banking giant JPMorgan recently predicted that Bitcoin might experience a substantial correction due to waning demand for CME futures, which suggests lower institutional demand. Its analysts also noted that there was no bullish catalyst in the short term.
“$100K and the party starts” However, some pundits are more optimistic. Famed pseudonymous trader DonAlt believes that a major rally might start once the cryptocurrency crosses the $100,000 level.
However, he has cautioned market participants that it is too early to celebrate for now. Earlier today, popular trader Bob Loukas also predicted that Bitcoin might leave the five-digit territory for good soon. Loukas recently stated that there was “no reason to doubt” the market since it appears to be “primed for a major advance.”
As markets react to dovish Federal Reserve comments and changing institutional dynamics, Bitcoin keeps its position over $98,000 trading above $98, 100 as of February 21, 2025. BTC/USD has established a new support level, marking a 4.40% recovery from its recent low of $93,321 on February 18.
Atlanta In his market-moving analysis of the state of the economy, Federal Reserve President Raphael Bostic underlined that three weeks had gone by between unemployment duration in August 2024 and now. As the U.S. 10-year Treasury yield and dollar index fell, his two interest rate cuts in 2025 immediately helped Bitcoin, pushing its price by 0.5% to $97,600.
Bitcoin ETF Market Matures: Franklin Templeton Launches $BTC-$ETH Index Fund with 87-13 Split
Following Hashdex’s NCIQ launch on February 14, Franklin Templeton’s Crypto Index ETF (EZPZ) opened on February 20, therefore widening the institutional scene. Tracking the US CF Institute Digital Asset Index, EZPZ keeps an 87% Bitcoin and 13% Ethereum allocation.
Still, spot Bitcoin ETF excitement exhibits some restraint. Comparatively to 100,000 BTC ($4.8 billion) in Q1 2024, first-quarter 2025 net inflows came out to be 41,000 BTC ($4.3 billion). Farside Investors data shows that net outflows over the past two days total $125 million.
Strategy Leads Institutional Buying with $2B Note Offering, BlackRock Increases Stake
With its $2 billion convertible note announcement, Strategy’s ongoing Bitcoin accumulation soared to fresh heights. Convertible to Strategy’s Class A shares at $433.43 – a 35% premium over current market pricing, the zero-coupon notes maturing March 1, 2030 are With its recent acquisition of 7,633 BTC, the company’s holdings came to 478,740 BTC ($46.4 billion), producing unrealized gains almost $15 billion.
BlackRock’s growing share in Strategy to 5% corresponds with the company’s February rebranding; 12 U.S. states total $330 million in Strategy stock through their treasuries or pension systems.
BTC/USD Technical Indicators Signal Potential Breakout from $91K-$102K Range
Condensed into its narrowest range since August 2023, Bitcoin’s price movement swings between $91,000 and $102,000. Historically a predictor of major price swings, the CME Bitcoin futures 1-month basis has dropped to levels found in September 2023. Previously preceding higher timeframe bottoms in two-week intervals, the annualized basis has decreased to 6.22%, a 4-month low.
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