Bitcoin Looks for $100 K: Gold and Digital Spacer Pave the Way in February

Market analysts remain optimistic about Bitcoin’s trajectory after surpassing the psychological $95,000 mark in mid-January. The convergence between the performance of precious metals and digital asset movements creates a natural spacer between different investment classes, offering clear opportunities for those monitoring the cryptocurrency market. With updated February data, the scenario becomes even more interesting for traders and institutional investors.

The Technical Path to Six Digits

According to Alex Kuptsikevich, chief market analyst at FxPro, technical charts indicate a strongly optimistic outlook. “From a technical standpoint, BTC now has a clear path toward the $100-106K range, limited by the psychologically crucial round level below and the 200-day moving average above,” he stated in a recent report.

Current trading prices reflect this optimism, with Bitcoin around $78,000 in February, oscillating near its support levels. Technical analysis shows long positions decreasing compared to the previous week, a historically contrarian signal that may indicate upward potential. On Bitfinex, the total number of bullish positions reached 71,368, a significant reduction from 72,926 recorded a week earlier.

Precious Metals and the Spacer Between Assets

QCP Capital, based in Singapore, emphasizes the importance of gains in precious metals to push Bitcoin to higher levels. These assets, traditionally considered safe havens during geopolitical instability, create an important spacer signaling confidence flows between markets.

“If metals continue attracting bets against devaluation, the relative value of BTC could draw flows back into digital assets,” explains the analyst. The macroeconomic scenario called “Goldilocks” — neither too hot nor too cold — continues to drive a renewed risk appetite across various sectors. “Jobs in the US remain stable, and inflation remains controlled. Risks have reappeared across all sectors, from equities and precious metals to digital currencies,” she adds.

Market Flows: Where Money Is Circulating

Signs of optimism are not only technical. On Deribit, the largest cryptocurrency options platform, call contracts with strike prices at $96K, $98K, and $100K saw the most activity in the last 24 hours. These options represent explicit bets that BTC will reach six-figure values.

Spot Bitcoin ETFs continue to attract significant capital. Daily net flows reached $753.8 million, with a total inflow of $57.26 billion. The amount of Bitcoin held by these funds is approximately 1.3 million units. For Ethereum, spot ETFs captured $130 million in daily flows, with a total inflow of $12.59 billion and holdings of about 6.09 million ETH.

Altcoin Movement and Broader Sentiment

While Bitcoin in February shows a 0.80% retracement in 24 hours (traded at $78K), Ethereum fell 2.69%, traded at $2,340. XRP remains at $1.61, Dogecoin at $0.11, and Cardano at $0.29. Solana gained ground to $103.28, while Binance Coin advances to $761.50.

Smaller tokens, however, are leading more significant rebounds. The CoinDesk Metaverse Select Index gained 11%, while the Culture & Entertainment Select Index rose 8%. The memecoin index advanced over 6%, signaling a revival of speculative appetite in high-risk assets.

Regulatory concerns, however, persist. Galaxy Digital warned that Senate bills on cryptocurrencies could pave the way for the largest expansion of financial surveillance since the Patriot Act. This could allow authorities to freeze front-ends and DeFi transactions, potentially increasing the appeal of privacy-preserving tokens like Monero (traded at $427) and Zcash (around $297).

Real-Time Market Statistics and Sentiment

Bitcoin’s dominance remains robust at 59.18%, slightly below the previous week. The Ether-to-Bitcoin ratio stands at 0.03506. The hash rate remains high at 1,024 EH/s (seven-day moving average), reflecting miners’ commitment to the network.

Total processed fees reach 2.95 BTC or $273,718. Open interest in CME futures reaches 119,165 BTC, indicating significant institutional exposure. When priced in gold, Bitcoin corresponds to 22.6 ounces, while BTC’s market capitalization accounts for 6.36% of total gold market cap.

On Binance, the funding rate for BTC futures is at 0.0066% (or 7.2051% annualized), signaling a moderately optimistic sentiment among leveraged traders.

Weekly Event Calendar and Tokens

Several major projects scheduled activities for February. Mantle (MNT) began its mainnet update focused on supporting all features of Ethereum’s Fusaka upgrade. Arbitrum hosted a session on X with HuddlePad for governance. PancakeSwap and Stellar discussed bringing blockchain into the real world, while NEAR Protocol held a Q&A session with Meta Pool.

Injective launched its Community Buyback Program, demonstrating projects’ commitment to creating mechanisms that benefit token holders.

Cryptocurrency Actions Follow the Trend

Listed companies focused on cryptocurrencies also captured market optimism. Coinbase Global (COIN) ended February with gains, as did Galaxy Digital (GLXY). CleanSpark (CLSK) showed strength with a 4.93% increase, reflecting renewed interest in Bitcoin mining amid price movements.

MicroStrategy (MSTR), known for massive Bitcoin acquisitions, saw its shares rise 6.63%, demonstrating that the market continues to recognize the appeal of digital assets among corporate treasurers.

Global Markets and Broader Context

Traditional markets also react to the macroeconomic environment. S&P 500 futures fell 0.36%, while Nasdaq-100 futures declined 0.54%. The dollar remains slightly down 0.10%. The 10-year Treasury index fell 1.9 basis points to 4.152%, signaling expectations of lower inflationary pressure ahead.

In Asia, the Nikkei 225 closed up 1.48%, while Hang Seng gained 0.56%. In Europe, the FTSE rose 0.32%, and Euro Stoxx 50 remained nearly stable. In Latin America, the S&P 40 index declined slightly by 0.11%.

Commodity markets show dynamism. Gold futures rose 0.98% to $4,644.40 per ounce, maintaining strength near its all-time high. Silver futures increased 4.70% to $90.39, signaling renewed interest in precious metals as a spacer of value between digital assets and traditional instruments.

Outlook

The convergence of optimistic technical forces, positive institutional flows, and a stable macroeconomic environment creates conditions for Bitcoin to continue its pursuit of the $100K mark. The digital spacer between the behavior of precious metals and digital assets remains a key indicator of risk appetite in the market.

For traders and investors, the crucial point now is to monitor whether the technical levels identified by FxPro hold as support, while tracking capital flow dynamics in spot ETFs. The convergence of multiple positive signals — technical, flow, and macroeconomic — suggests that the cryptocurrency market remains positioned for significant movements in the coming periods.