Bitcoin secured a position at $98,000, sparking optimism among traders expecting a move to $108,000.
Bitcoin Steadily Holds $98,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD building momentum after closing at $98,330 on Bitstamp. While still in a narrow range, this provided much-needed relief to traders after several weeks of minimal volatility. US macro data supported the recovery, with initial jobless claims exceeding forecasts by 4,000 and reaching 219,000.
Expectations for Growth to $108,000
Trader Patric H. suggested flipping $100,000 to support as a key next move. Fellow trader Roman described $98,400 as a 'pivot point,' which could potentially unleash $10,000 in upside if breached. He noted that the decreasing trading volume as price consolidated within this range is promising.
Competition with Other Assets
Bitcoin joined gold and stocks in the rising tide of risk assets. Last week, both gold and the S&P 500 reached new record highs, highlighting the crypto market's need to recover significant Q1 losses. Gold reached a market cap of $20 trillion for the first time, though Bitcoin's proponents remained unimpressed.
Bitcoin continues to capture the attention of traders and analysts, who are exploring opportunities for continued growth as it strengthens its position at $98,000.
