Bitcoin teases gains as traders say $100K now key support reclaim

Bitcoin (BTC) sought higher levels around the Feb. 10 Wall Street open as traders demanded $100,000.

$100,000 “pivotal” for BTC price breakout

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $98,349 on Bitstamp.

Up 1.3% on the day, the pair saw a firm bounce after hitting weekly lows of $94,750 immediately before the weekly close.

Still caught in the midsection of an extended three-month range, Bitcoin offered market participants little by way of inspiration amid a lack of volatility catalysts. 

“Finally got a fill into that 95k level. I now want to see 96.3k defended if we pull back during NY,” popular trader CJ told followers in a post on X.

“100k is the main pivotal level – can’t get too excited while we are below.”

Fellow trader Skew agreed that a $100,000 reclaim was necessary to effect “significant change” on the status quo.

“Still stuck within the same current range although notably market has now swept liquidity both ways – ask liquidity & bid liquidity,” part of his latest X analysis read.

“Keep an eye on price control during early week trading & weekly / daily open.”

Meanwhile, trader and analyst Rekt Capital focused on key levels to hold as support going forward.

“Bitcoin is holding this potential pattern, the series of Higher Lows remain intact,” he wrote about weekly timeframes.

“Downside wicks below the Higher Low are permitted but price needs to continue holding above ~$96500 on the Weekly and reclaim $97900 for intra-pattern continuation.”

Bitcoin at the mercy of sentiment fluctuations

Commenting on the overnight dip, trading firm QCP Capital suggested that BTC price weakness was not a sign of a broader risk-off capital flight.

Related: Most sell risk since 3AC collapse: 5 Things to know in Bitcoin this week

“Commodities were largely unchanged, while Asian equities dipped, and BTC briefly dropped to $95K before rebounding—suggesting a sentiment-driven move rather than a fundamental shift in risk appetite,” it noted about the start of the week’s first Asia trading session. 

“BTC volatility now skews in favor of puts until April, reflecting a lack of upside catalysts.”  

News that business intelligence firm Strategy (formerly MicroStrategy) had purchased an additional 7,633 BTC for its corporate treasury had little impact on market performance.

The company, which last week reported Q4 net losses of $670 million, nonetheless revealed a BTC yield of 4.1% year-to-date.

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.