Bitcoin trading exceeded $99,000 for the first time since February, indicating that bullish momentum surged as price action pushes to the long-awaited $1 million milestone. After weeks of steady uptrend and tight integration under key resistance, BTC finally broke the $99,000 level, putting the market on high alert to determine the breakthrough that could define the next game that would define the Bulls cycle.
The move is because on-chain and derivatives data continue to support bullish cases. According to implicit quantities, the dominance of Bitcoin futures stance shows that bullish pressure in the futures market is still high. Although futures activity has dropped slightly compared to May 6 and 7, analysts believe this is not particularly worrying – Momontum is still leaning towards the Bulls and the market seems to be continuing.
The $100,000 level remains the main obstacle. As market sentiment changes more positively, Bitcoin is supported, and using it as support and using it as support may trigger an uptrend. Prior to this, the current breakthrough was a strong signal that buyers were still in control and that confidence was built between the field and futures markets. The days ahead may be the key.
Bitcoin is heading for $100,000 as bulls go
Bitcoin finally pressed above the critical supply zone of $99,000, indicating a strong change in momentum after weeks of consolidation. The Bulls are clearly in control, defending higher lows and pushing price action to a new stage of strength. However, despite the breakthrough, BTC is still working to restore the decisive $100,000 level, a psychological and technical barrier that continues to define market sentiment.
The real test lies in the $103K range of $103K, which marks the upper limit of the current resistor. A confirmed breakthrough and holding above the area will not only verify the recent rally, but also ignite the next match of the bull cycle. Until then, Bitcoin was still not subject to complete breakthrough areas.
Macroeconomic uncertainty continues to mask the wider financial landscape. Tensions between the United States and China continue to exist, and the U.S. Federal Reserve reiterates its plan to keep interest rates higher while maintaining quantitative tightening (QT). These conditions pose risks to all risky assets, including cryptocurrencies, but may also be full of fuel if global sentiment becomes positive.
Top analyst Axel Adler shared insights into the ongoing bullish pressure in the market in the future. Although the positioning has cooled slightly since May 6 and 7, Adler noted that it is no longer crucial – the bears have surrendered to a large extent and the bulls are still in control. According to him, the next stop is $100,000.
The current setup is highly constructive. If the amount of Bitcoin exceeds the price and holding of $100k, then the $103K level may work quickly. Before this, the market was still in an expected state and formed a breakthrough structure, but it has not yet been completed. The days that follow are crucial to determine whether the rally has the ability to develop into a comprehensive breakthrough force.
Technical analysis: Price action display intensity
Bitcoin is currently trading at $99,739 after pushing hard towards a resistance level of $100,000. The 4-hour chart shows a clear continuation of the bullish momentum as BTC surpassed the previous supply zone and retracted its last February level. The surge comes after a clean breakout in the merger in late April, with lows continuing higher and volumetric movements.
BTC is now trading well above the 200-cycle Simple Moving Average (SMA) at $88,825, while the 200-level Exponential Moving Average (EMA) is $91,152. These moving averages have turned to dynamic support and reflect the reinforcement of trend structure. However, the $100,000-$103,600 range remains the last hurdle before considering new all-time highs.
The market showed signs of confidence, and the Bulls firmly controlled the potential breakthrough. Still, a reaction of around $100,000 would be crucial – a level that has served as a major resistance multiple times, and any rejection could trigger a short-term retracement back to the $95K area.
For now, this trend is still bullish, and the continued trend towards $100,000 will confirm further upward potential. The upcoming meeting will be key to determining whether Bitcoin can restore new ground or stall again under resistance.
Featured images from DALL-E, charts from TradingView
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