Bitcoin tags $100K despite warning Fed rate cut pause ‘here to stay’

Bitcoin (BTC) spiked to $100,000 at the Feb. 7 Wall Street open as US employment data dealt risk assets much needed relief.

Bitcoin shrugs off mixed US jobs data

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD riing sharply after January job additions fell short of expectations.

The US added 143,000 positions last month, short of the expected 169,000 and far below traders’ estimates on prediction services.

Crypto and stock markets gained as a result, with the figures implying that the labor market was not as resilient to restrictive financial policy as first thought. 

Despite this, the latest estimates from CME Group’s FedWatch Tool showed markets pricing out the likelihood of the Federal Reserve cutting interest rates at its next meeting in March. The odds of a base 0.25% cut stood at just 8.5% at the time of writing, down from 14.5% before the jobs release.

“The unemployment rate fell to 4.0%, below expectations of 4.1%,” trading resource The Kobeissi Letter noted in part of a reaction on X. 

“We now have the lowest unemployment rate since May 2024. The Fed pause is here to stay.”

BTC price edges toward key resistance showdown

Bitcoin’s sudden uptick thus appeared to little match macroeconomic reality as traders celebrated its return to six figures.

Related: ‘Atypical’ Bitcoin bull market can extend beyond March 2025 — Research

“That’s $BTC Breaking out now,” popular trader Daan Crypto Trades responded on X alongside a chart showing BTC/USD escaping from a falling wedge construction on hourly timeframes.

“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.”

Analyzing the 4-hour chart, fellow trader Roman continued the optimism, confirming that he was “anticipating much higher and a very solid weekly close.”

“1D & 1W have completely reset to break this range and continue our uptrend to 130k,” he added about already popular Relative Strength Index (RSI) readings. 

“Let’s see what happens at 108 resistance!”

Popular trader Skew argued that $100,000 was the level to flip to support on low timeframes, with success indicating the start of trend continuation.

“Positioning likely picks up again with trend resolution,” part of a previous X post explained on the day, highlighting $102,000 as the significant line in the sand for bulls to cross.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.