Bitcoin targets $102,500, eyes fresh all-time high

Kendrick added that if 10-year Treasury yields hold below 4.50% through the weekend, bitcoin could break up to $102,500, a key resistance level in recent trading sessions.

"Then, if we get no new negative catalysts-such as unexpected regulatory actions or macroeconomic shocks-we could see conditions improve for digital assets, opening the door for a fresh all-time high above $108,000 in February," Kendrick said.

The U.S. jobs report for January was somewhat disappointing but not alarming. Data from the Bureau of Labor Statistics showed that the U.S. labor market added 143,000 jobs last month, falling short of the 170,000 forecasted by economists and significantly lower than December's 307,000. However, the unemployment rate unexpectedly declined to 4% from 4.1%, while wage growth accelerated to 4.1% from 3.9%, signaling continued resilience in the labor market. The labor force participation rate also edged up to 62.6%.

21Shares' Matt Mena cited optimistic indicators in today's data.

"With hiring slowing but the job market remaining stable, the Federal tremaining s Reserve has less urgency to keep rates high," Mena said. "This sets the stage for bitcoin to benefit as investors position for a potential rate cut later this year."