Ah, Bitcoin (BTC), that elusive creature of the night, managed to cling to a respectable $98,000 on the 21st of February, as the bulls celebrated their highest daily close in nearly three weeks. 🐂💃
Bitcoin trader expects return of six figures
Data from the mystical realms of CryptoMoon Markets Pro and TradingView revealed that BTC/USD was building on gains after the previous daily candle closed at a tantalizing $98,330 on Bitstamp. Oh, the suspense! 🎭
While still trapped in a narrow range, the price action of BTC provided a much-needed breath of fresh air to traders who had been gasping for weeks in a desert of volatility. 🌵
US macro data, like a well-timed plot twist, aided the recovery, with initial jobless claims exceeding the median forecast by 4,000, reaching a staggering 219,000 — a potential sign that the labor market might just be a house of cards waiting to tumble. 🃏
Yet, the latest estimates from CME Group’s FedWatch Tool continued to display a practically zero likelihood of the Federal Reserve cutting interest rates at its next meeting in March. Because why not keep the suspense alive? 🎢
In the grand theater of BTC/USD, the popular trader Patric H. proclaimed that flipping $100,000 to support was one of the essential next moves. A dramatic moment indeed! 🎭
A chart uploaded to X revealed two descending trend lines, like ominous clouds, waiting to be breached. “Waiting for a move in either direction,” he mused, as if he were a philosopher pondering the meaning of life. 🤔
Meanwhile, fellow trader Roman dubbed $98,400 as a “pivot point” — a magical threshold that should unleash a $10,000 upside should the price dare to cross it. “Break 98.4k and my guess is 108 is next,” he declared, as if casting a spell. 🔮
“Really liking how volume is trending lower as price went down during this range. Let’s hope for a breakout!”
BTC price all-time high missing from risk-asset race
Bitcoin, in its quest for glory, joined gold and stocks as a rising risk-asset tide swept through the markets. A veritable soap opera of financial drama! 🎬
New record highs for both gold and the S&P 500 this week further underscored crypto markets’ desperate need to recover from hefty Q1 losses. “In fact, gold has more than DOUBLED the S&P 500’s YTD return,” noted trading resource The Kobeissi Letter, as if delivering a punchline. 😂
Gold’s market cap crossed $20 trillion for the first time in history, but Bitcoin proponents were left unimpressed, as if they had just tasted a bland soup. 🍲
“Gold is at a new all-time high! Congratulations to everyone who has invested in gold these past five years! You have almost doubled your money in that time!” exclaimed network economist Timothy Peterson, author of the popular paper “Metcalfe’s Law as a Model for Bitcoin’s Value,” with a hint of sarcasm. 🥳
“On average, Bitcoin doubled every 16 months.”
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2025-02-21 10:17