Bitcoin (BTC) surged to $100,000 at the Feb. 7 Wall Street open, defying expectations as mixed US employment data offered relief to risk assets. The unemployment rate fell to 4.0%, beating forecasts of 4.1%, and marking the lowest rate since May 2024. This unexpected improvement led analysts, including The Kobeissi Letter, to assert that the Federal Reserve’s rate cut pause is likely “here to stay.”
Despite the macroeconomic backdrop, Bitcoins sudden uptick appeared disconnected from broader market realities, with traders celebrating its return to six figures.
Technical Outlook: Key Resistance Ahead
Popular trader Daan Crypto Trades noted BTC’s breakout from a falling wedge on hourly timeframes, identifying $102K as the next key resistance. “Higher low made, now needs to break that local high at ~$102K to leave this area behind. That’s what the bulls should try to accomplish to flip the market structure back to bullish on this timeframe, Daan explained.
On the 4-hour chart, trader Roman expressed optimism, anticipating a “œvery solid weekly close.” He noted that daily and weekly charts have “completely reset”for Bitcoin to break out of its current range and continue its uptrend towards $130K. However, Roman cautioned that $108K remains a crucial resistance level: “Let’s see what happens at 108 resistance!”
Critical Support Levels and Trend Continuation
Meanwhile, trader Skew emphasized the importance of $100K as a key support level on lower timeframes. “Positioning likely picks up again with trend resolution,”he noted, pointing to $102K as the critical line for bulls to cross to confirm trend continuation.
While short-term volatility remains possible, the market’s response suggests that Bitcoin’s bullish momentum is gaining strength, setting the stage for a potential test of new all-time highs in the near future.
Source: Cointelegraph
