Bitcoin’s momentum continues to build as the flagship cryptocurrency breaks through key resistance levels, reigniting investor optimism and fueling speculation of a potential rally toward $105,000. With technical indicators flashing bullish signals and macro-level developments reinforcing confidence, BTC is once again at the center of the financial spotlight.
Breaking Through Resistance: The $97K Milestone
Bitcoin price surged past $97,000 on Thursday, marking its highest level since early March and a 3.4% weekly gain. This upward movement reflects renewed institutional interest and growing market confidence in BTC as a long-term store of value. At the time of writing, Bitcoin was trading at $97,376—an increase of 1% over the previous day—with its market capitalization surpassing $1.93 trillion.
The breakout above $96,000 was particularly significant, as it represented the first clean move through a major horizontal resistance zone in over two months. Analysts view this as a structural shift in market dynamics, suggesting that bullish momentum may be gaining sustainable traction.
👉 Discover how market momentum could accelerate Bitcoin’s climb toward six figures.
Technical Outlook: Bullish Wedge Confirmed
Technical analysis reveals a compelling setup for further gains. A close observation of the hourly and daily charts shows that Bitcoin has completed a three-month descending wedge pattern—a classic bullish reversal formation. The breakout from this long-term consolidation phase was confirmed by a strong daily candle closing above the wedge’s resistance trendline.
According to analyst CryptoBusy, this technical structure implies a measured move target between $102,000 and $105,000. The upper end of this range aligns with the 0.786 Fibonacci retracement level from Bitcoin’s previous all-time high cycle, adding confluence to the price target.
Additionally, Bitcoin has established a pattern of higher lows and higher highs, reinforcing the strength of the current uptrend. The price now trades well above both the 50-day and 200-day moving averages—key indicators of long-term trend health. Meanwhile, the Relative Strength Index (RSI) has moved above 70, indicating strong momentum without yet entering extreme overbought territory.
Volume analysis also supports the bullish case. Steady volume expansion since late April suggests sustained buying interest, with no significant selling pressure emerging at higher price levels.
Key Support and Resistance Levels
- Immediate support: $95,700 (tested multiple times post-breakout)
- Next resistance zones: $98,000 and $102,000
- Upside target range: $102,000 – $105,000
- Critical floor: $94,900 – a break below could challenge short-term bullish structure
As long as Bitcoin holds above $94,900, the path remains open for continued upward movement.
Institutional Catalysts Driving Market Sentiment
Beyond technicals, fundamental drivers are playing a crucial role in shaping market sentiment. Recent developments in the ETF landscape have boosted investor confidence. Notably, 21Shares filed for a spot SUI ETF, which helped ease concerns following the SEC’s delay in approving several altcoin ETF applications.
This filing signaled that regulatory delays may be procedural rather than indicative of outright rejection—reassuring investors and encouraging inflows into digital assets.
Even more impactful was Strategy’s Q1 earnings update and capital strategy announcement. The company revealed plans for a $21 billion at-the-market (ATM) equity program aimed at acquiring additional Bitcoin. Despite reporting a $4.2 billion unrealized loss due to BTC’s price volatility at quarter-end, Strategy reaffirmed its aggressive accumulation strategy.
The firm now holds over 553,000 BTC at an average cost of $68,459 per coin. More importantly, it raised its BTC yield target from 15% to 25% for 2025—backed by fair value accounting that added $12.7 billion to retained earnings.
This bold move underscores deepening corporate conviction in Bitcoin as a treasury reserve asset. According to public filings, more than 70 publicly traded companies now report holding Bitcoin on their balance sheets.
👉 See how institutional adoption is reshaping Bitcoin’s long-term trajectory.
Bitcoin Price Forecast: Path to $105K and Beyond
With momentum firmly in place, market attention is shifting toward key confirmation levels. A weekly close above $97,000 would strengthen the bullish case and increase the likelihood of reaching $102,000—and potentially $105,000—in the near term.
Analysts suggest that if macroeconomic tailwinds such as favorable monetary policy or increased digital asset adoption persist, a Q3 target of $145,000 is not out of reach.
However, traders should remain cautious of downside risks. A sustained break below $95,700 could trigger short-term profit-taking, while a drop under $94,000 might signal weakening momentum. Still, as long as Bitcoin trades above its 100-day simple moving average, the broader trend remains in favor of buyers.
Frequently Asked Questions (FAQ)
Q: What triggered Bitcoin’s recent surge above $97K?
A: The rally was driven by a combination of technical breakout patterns, strong volume support, positive ETF developments, and aggressive corporate Bitcoin accumulation—particularly Strategy’s $21B purchase plan.
Q: Is the $105K price target realistic?
A: Yes. The target is supported by technical chart patterns (bullish wedge), Fibonacci extensions (0.786 level), and increasing institutional demand—making it a plausible near-term objective.
Q: What happens if Bitcoin drops below $95,700?
A: A break below $95,700 could lead to short-term consolidation or minor pullback. However, as long as price stays above $94,900 and the 100-day SMA, the overall bullish structure remains intact.
Q: How important are ETF filings to Bitcoin’s price?
A: Spot ETF approvals and filings significantly influence investor sentiment. They increase accessibility for traditional investors and signal regulatory progress—both of which can drive capital inflows.
Q: Can corporate adoption really impact Bitcoin’s price?
A: Absolutely. Large-scale purchases by public companies like Strategy create consistent demand pressure. Their long-term holding strategies reduce circulating supply and reinforce market confidence.
Q: What indicators should I watch for next?
A: Monitor daily RSI trends, volume on price breaks, weekly closing prices above $97K, and any updates on ETF approvals or corporate BTC purchases.
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Final Thoughts
Bitcoin’s breakout above $96,000 marks a pivotal moment in its 2025 trajectory. With technical momentum building, institutional adoption accelerating, and key resistance levels falling, the path toward $105,000 appears increasingly viable.
While short-term volatility remains inevitable, the confluence of chart patterns, on-chain fundamentals, and macro-level catalysts paints a compelling picture for continued upside. For investors and traders alike, staying informed and positioned for breakout confirmation will be key in navigating the next phase of this bull cycle.
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