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As of this writing on February 21, 2025, Bitcoin (BTC) trades at $98,581, up 1.71% from the last close. Trading mostly ranged between $95,000 and $98,800, acting as a firm resistance level. A decisive break above $98,800 may allow a residential trip to $100,000.
Key Technical Levels:
- Resistance: The direct resistance is at $98,800. A clear break-out above this would trigger more buying interest and could see BTC at $100,000-plus.
- Support: Important support at $95,000 and $92,000. A convincingly lower retest of $92,000 could direly see BTC trading on the $90,000s facility.
Factors Behind the Break-Out:
- Institutional Demand: Big institutions like MicroStrategy and Tesla have made a huge addendum of Bitcoin to their portfolios, which is evidence that demand is of substantial bulk in terms of institutions.
- Positive Economic Environment: Continual updates on economic recovery and inflation fears have led investors to see Bitcoin as a hedge against currency devaluation.
- Global Adoption: El Salvador is on board with Bitcoin as legal tender and other payment systems with cryptocurrency offerings, thereby heading in the right direction toward wider acceptance of Bitcoin.
Risks Ahead:
- Regulatory Developments: Changing regulations on cryptos, especially in prominent markets like the US, are likely to keep influencing BTC's price movements.
- Market Sentiment: Bitcoin's very nature of volatility makes sure that indications of changes in investor sentiment, perhaps triggered by macroeconomic happenings, are crammed with considerable price spikes.
In short, Bitcoin is at a crossroads. If it breaks above $98,800, it could pave the way for a possible entry to $100,000. Caution should be used towards any further regulatory shift on the one hand or reversing market sentiment on the other.