Still operating within a narrow range, Bitcoin has provided much-needed relief to traders after several weeks of nearly complete lack of volatility.
U.S. macroeconomic data contributed to this recovery: the number of initial jobless claims exceeded the average forecast by 4,000, reaching 219,000, which may indicate that the labor market could struggle to endure extended periods of restrictive economic policy.
However, the latest estimates from the FedWatch Tool by CME Group continue to show an almost zero probability that the Federal Reserve will lower interest rates at the upcoming meeting in March.
Analyzing the mid-term timeframes for BTC/USD, trader Patrick H noted that one of the important next steps is breaking through $100,000.
Fellow trader Roman described $98,400 as a "turning point" that should trigger a $10,000 rise.
“Break through $98.4k, and I assume $108k will be next,” the trader wrote. “Let’s hope for a breakout.”