Bitcoin is positive again today after surging past critical resistance levels, reigniting hopes of a fresh rally toward the long-anticipated $100,000 milestone.
The move comes as bullish momentum builds across the crypto market, with key technical signals pointing to a possible sustained uptrend.
Why Bitcoin Broke Out This Week
Bitcoin (BTC) climbed above $94,000 earlier this week and then extended gains past $96,000—a level many analysts viewed as a psychological and technical barrier. That breakout marked a shift in short-term sentiment after weeks of sideways trading.
Key drivers behind the breakout:
- ETF inflows return: After a brief lull, spot Bitcoin ETFs saw renewed buying activity, signaling institutional confidence.
- Reduced selling pressure: Miner selling has slowed significantly post-halving, helping ease downward pressure on price.
- Technical breakout: BTC broke through a multi-week descending trendline, a move often interpreted as a bullish reversal.
“Bitcoin’s ability to flip $94K into support opens the door for $100K,” said analyst Tony Sycamore of IG Markets.
What’s Next: $100K?
Analysts now say the next few days will be critical to determine whether Bitcoin can sustain momentum—or if it’s just another short-lived spike.
Resistance and support levels to watch:
- Immediate resistance: $97,000
- Short-term goal: $100,000 – a key psychological milestone
- Support levels: $94,000 and $88,000
If bulls can hold support above $94K, traders say the next leg higher could unfold quickly.
On-Chain Metrics Signal Accumulation
On-chain data supports the bullish case. Long-term holders have resumed accumulation, while exchange balances continue to decline—both signs of a supply squeeze forming in the background.
According to Glassnode:
- HODLer net position change has flipped positive.
- Bitcoin exchange reserves are at multi-year lows.
“These are classic signs of pre-rally accumulation phases we’ve seen in past bull cycles,” noted crypto strategist Will Clemente.
Is $100K Realistic Today?
Many market participants now view $100K not as an “if,” but as a “when.” Factors fueling that optimism include:
- Expanding institutional adoption via spot ETFs
- Bitcoin’s halving effect reducing supply
- A favorable macro backdrop with rising inflation hedging demand
Still, volatility remains a constant. Sudden rate policy shifts or geopolitical shocks could easily derail the rally.
Here is the latest Bitcoin (BTC) market snapshot as of May 2, 2025, 10:01 AM EDT:
- Current Price: $96,838.00 USD
- 24-Hour Change: +$895.00 (+0.93%)
- 24-Hour Trading Volume: Approximately $30.47 billion USD
- 24-Hour Price Range: $95,943.00 – $97,360.00 USD
- Market Capitalization: Approximately $1.92 trillion USD
These figures reflect a strong market performance, with Bitcoin approaching the significant $100,000 threshold. The substantial trading volume indicates heightened investor interest and activity
Final Thoughts
Bitcoin’s breakout above $96K has reawakened bulls and renewed talk of six-figure targets. But for BTC to maintain its upward path, buyers must defend support zones and follow through with volume.
The market is watching closely—and the next move may define the trajectory for the rest of 2025.
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