Bitcoin has surged past the $100,000 mark, fueled by optimism surrounding potential global trade deals and strong buying from institutional investors. This resurgence marks a significant shift in market sentiment, with analysts predicting further upward momentum.
The breakthrough comes after Bitcoin had fallen sharply between February and April, weighed down by uncertainty about tariffs and their potential impact on the economy, as well as disappointment with the pace of reforms to support the crypto industry. However, recent developments have injected fresh confidence into the market. President Trump's announcement of a trade agreement with the U.K., coupled with hopes for positive outcomes from upcoming trade talks with China, has spurred risk-on sentiment and boosted both stock and cryptocurrency markets.
Technical analysis indicates a strong bullish trend. Bitcoin broke above the $100,000 psychological level for the first time in months, and the momentum has shifted clearly in favor of the buyers. On the daily timeframe, BTC has pushed through the $100K resistance level and is now hovering around the $103K mark. This breakout came after a clean reclaim of both the 100-day and 200-day moving averages and a retest of the ascending trendline that's been respected over the last months. The Relative Strength Index (RSI) is firmly in overbought territory, currently above 75, indicating strong bullish momentum, although it also warns of a possible short-term cooldown. If the breakout is sustained, the next visible resistance level will be around $108,000, while the $99,000 zone will now act as a new key support.
Examining the 4-hour chart shows a breakout from a rising wedge that had been forming for over a week. The price initially broke above the $97,000–$98,000 range and then surged towards the $103,000 area. Momentum indicators like RSI confirm strength, although there are early signs of short-term exhaustion, suggesting a possible retest of the breakout zone around $100,000 or even $98,000 before continuation.
On-chain analysis further supports the bullish outlook. Exchange reserves continue to decline, reaching a new multi-year low, which suggests accumulation behavior and reduced selling pressure. This indicates that long-term holders are not eager to sell their coins even at these high levels. The macro trend of shrinking exchange balances reinforces the current breakout and adds confidence to the sustainability of the rally, even if short-term pullbacks occur.
Bitcoin's price is stabilizing around $103,000, after rallying nearly 10% this week. The current price of Bitcoin (BTC) is $102,952 USD, up 0.29% in the past 24 hours. Bitcoin reached its highest price on Jan 19, 2025, amounting to $109,356 USD. Investors should watch crucial overhead areas on Bitcoin's chart around $107,000 and $120,000, while also monitoring key support levels near $100,000 and $92,000.
The surge in Bitcoin's price reflects a confluence of factors, including renewed optimism about global trade, strong institutional buying, and positive technical and on-chain indicators. While short-term pullbacks are possible, the overall outlook for Bitcoin remains bullish, with analysts eyeing further gains in the near future.
