Bitcoin Reaches a Key Moment in the Bull Market

Today, on February 21, 2025, Bitcoin has firmly remained above $98,000, marking its highest daily close in three weeks.

Bitcoin's spectacular ascent continues into 2025, reaching a new peak of $98,404 on major cryptocurrency exchanges. This surge comes amid increasing institutional adoption and promising technical signals, setting the stage for a potential bull market rally.

Fresh Record Highs and Pivotal Technical Levels

Bitcoin has remained firmly above the $98,000 mark throughout February 21, 2025, notching its highest daily close in three weeks. According to data from Cointelegraph Markets Pro, the BTC/USD pair continues its climb, encountering relatively contained volatility.

This positive development coincides with encouraging U.S. macroeconomic indicators, particularly unemployment claims, which exceeded expectations with 219,000 applications. As technical analysts observe, the $100,000 threshold emerges as a key level to watch.

Trader Patric H. highlights this pivot point, noting that a breakout above $98,400 could trigger a rapid ascent towards $108,000, especially considering the decline in volume during recent corrections—a signal traditionally associated with bullish momentum.

Institutional Adoption Accelerates Despite Correction Risks

The institutional adoption of Bitcoin is accelerating, evidenced by the growing interest from central banks. The Czech National Bank is considering investing up to $7.3 billion in Bitcoin, roughly 5% of its reserves. As André Dragosch, head of research at Bitwise, points out, this purchase would be equivalent to 5.3 months of Bitcoin's newly mined supply.

Ki Young Ju, CEO of CryptoQuant, maintains a bullish outlook even in the event of a correction down to $77,000. His analysis identifies three strategic support levels: $89,000, corresponding to the average entry of Bitcoin ETFs; $59,000 for the balance of Binance traders; and $57,000 marking miner profitability. These levels are expected to bolster the bullish trend despite potential fluctuations.

Bitcoin has now matured into a mainstream financial asset, evolving alongside gold and stocks. As the market capitalization of gold surpasses $20 trillion, Bitcoin retains strong growth potential, supported by this growing institutional recognition.