Bitcoin has reached prices near $106,000 as it shows signs of a potential breakout towards all-time highs, boosted by a disappointing US GDP report for Q4, which came in at 2.3%, below the expected 2.5%. This underperformance in macroeconomic data led to a decrease in yields and the US dollar, contributing to a 2% rise in BTC/USD on January 30. The S&P 500 and Nasdaq also opened positively, but the Fed's stance remains critical as rate cut chances are currently low. Analysts are now focused on upcoming data releases, including the Personal Consumption Expenditures (PCE) Index. Optimism surrounds Bitcoin's recent price action, with traders highlighting resistance levels and suggesting that if Bitcoin maintains momentum, it could revitalize the broader altcoin market as well.

Source 🔗