Key Insights:
- Bitcoin price broke $97K as ETF optimism and Strategy’s $21B BTC plan boosted momentum.
- BTC price formed a bullish wedge breakout with a target range between $102K and $105K.
- Support now sits at $95,700, with $98K and $102K as the next breakout resistance levels.
Bitcoin (BTC) price extended its rally on Thursday, surging above $97,000 for the first time since early March. The 3.4% weekly gain highlights renewed institutional interest, signaling growing confidence in the asset.
Strong technical confirmation and ETF optimism further support the positive market sentiment. BTC traded at $97,376 at press time, marking a 1% daily increase. Its market capitalization has surpassed $1.93 Trillion, reflecting strong market activity.
Bitcoin Price Retests Key Levels After Upside Push
Analyst Ali Martinez noted that the Bitcoin price stabilized after reaching $97,120. He identified support at $95,700 on the lower timeframes, a level that could be retested before further upside.
The hourly chart showed BTC price forming a strong breakout candle earlier this week, followed by light consolidation.
The move above $96,000 marked the first clean break of a key horizontal resistance zone in over two months. The following primary levels include $98,000 and $102,000, based on historical supply zones and Fibonacci extensions.
A confirmed bounce above $95,700 would reinforce the trend structure. The short-term setup of Bitcoin remained bullish, with upward pressure intact as long as the price is above $94,900. Substantial buying volume on the breakout bar has yet to face significant rejection.
Technical Chart Pattern Signals Next Move To $102K
Additionally, analyst CryptoBusy highlighted the breakout from a 3-month descending wedge. The chart confirms a strong technical pattern, signaling bullish momentum.
A bullish daily candle closed above the wedge’s resistance trendline, reinforcing the upward breakout. The April consolidation between $86,000 and $95,000 created a stable base for May’s breakout.
Notably, the next Fibonacci target is near $102,000, corresponding to the 0.786 retracement level from the last cycle high. Indicators support this move. The daily RSI, now above 70, signals continued strength, with the indicator showing positive divergence from its moving average.
The structure has remained intact since the breakout, with Bitcoin price posting higher lows and higher highs. BTC price now trades well above the 50-day and 200-day moving averages. This confirmed the long-term trend’s recovery.
Volume momentum has increased steadily since late April. No significant selling activity has emerged at higher levels. This suggested continued investor confidence.
ETF Sentiment and Corporate Activity Fuel Rally
Bitcoin’s latest rally came after news that 21Shares filed for a spot SUI ETF. This eased concerns following the SEC’s delay of seven altcoin ETF decisions.
The new filing signaled that the delays were procedural rather than signs of regulatory rejection. This reassured the market and contributed to positive flows into Bitcoin.
Strategy, led by Michael Saylor, fueled the bullish narrative with its Q1 earnings report and capital strategy update. The firm disclosed plans for a $21 Billion at-the-market (ATM) equity program to purchase more Bitcoin.
Despite reporting a $4.2 billion unrealized Q1 loss due to quarter-end BTC pricing, the company remained committed to aggressive accumulation. Strategy now holds over 553,000 BTC with an average cost of $68,459.
The company increased its BTC yield target from 15% to 25% for 2025, reflecting a more aggressive stance on Bitcoin. This adjustment is backed by fair value accounting, leading to a $12.7 billion boost in retained earnings.
These moves highlight growing corporate conviction around BTC as a long-term asset. According to corporate treasury trackers, over 70 publicly listed companies now report Bitcoin holdings.
BTC Price Forecast Eyes $105,000 as Momentum Builds
Bitcoin breaking above $96,000 has turned the focus toward a weekly close above $97,000. This would validate bullish continuation toward $102,000 and potentially $105,000 if confirmed. If macro tailwinds hold, analysts have pointed to $145,000 as a potential Q3 target.
Additionally, BTC price support was $95,700, $94,000, and $90,000. A break below these levels would weaken the current trend. However, so long as Bitcoin price trades above its 100-day simple moving average, it still seems to be in buyers’ hands.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
