Bitcoin’s bullish momentum has reignited, with the cryptocurrency decisively breaking past the long-standing $95,000 resistance level yesterday evening (14th). This morning (15th), Bitcoin surged further, touching an impressive $97,800. With this critical barrier now breached, market analysts are increasingly optimistic, suggesting that Bitcoin is poised for further gains and could soon challenge the significant psychological milestone of $100,000.
At the time of writing, Bitcoin has seen a slight retracement, trading around $96,500, yet still boasts a 1.2% gain over the past 24 hours.
For the past two months, the $95,000 mark proved to be an formidable ceiling, consistently repelling price rallies and accumulating substantial selling pressure. The recent breakout, accompanied by robust trading volume, is therefore interpreted as a pivotal shift in market sentiment, signaling a potential reversal of the previous downtrend.
Alex Kuptsikevich, Chief Market Analyst at FxPro, offered a technical perspective:
“From a technical standpoint, Bitcoin has now opened an upward channel, targeting the $100,000 to $106,000 range. This upward trajectory is supported by key psychological levels below, while potential resistance may emerge from the 200-day moving average (200-day MA) above.”
Kuptsikevich further highlighted that Bitcoin is not only comfortably holding above $95,000 – its highest level since November 17 last year – but also trading significantly above its 50-day simple moving average (50-day SMA), reinforcing a clear bullish alignment across its chart patterns.
Adding to the bullish narrative, Singaporean crypto trading firm QCP Capital pointed to the recent strength in precious metals. They suggest that as traditional safe-haven assets gain traction amid geopolitical uncertainties and currency devaluation expectations, Bitcoin, often dubbed “digital gold,” benefits indirectly. This dynamic, they argue, enhances Bitcoin’s relative value and encourages capital reallocation back into the broader cryptocurrency market.
QCP Capital also described the current macroeconomic climate as a “Goldilocks Scenario”—an optimal state where the economy is “not too hot, not too cold,” fostering a heightened appetite for risk across global markets:
“With robust US employment data and relatively stable inflation levels, we’re observing a broad resurgence in risk appetite. This is evident in the re-positioning of capital across various asset classes, including equities, precious metals, the US dollar, and cryptocurrencies.”
Market activity on Deribit, the world’s largest cryptocurrency options exchange, corroborates this optimistic outlook. Data from the past 24 hours reveals that call options (betting on price increases) with strike prices at $96,000, $98,000, and $100,000 were the most actively traded. This intense options interest underscores a strong market conviction that Bitcoin is on a path towards six-figure valuations.
Joel Kruger, Market Strategist at LMAX Group, echoed these sentiments, identifying Bitcoin’s break above $95,000 as a clear signal of renewed risk appetite within the entire cryptocurrency ecosystem:
“This latest surge has successfully reawakened the market’s bullish momentum, shifting investor focus firmly back towards the $100,000 mark. Furthermore, it opens up the possibility of even challenging previous all-time highs in the near future.”
Kruger also attributed some of this strength to the stable performance of traditional financial markets. He noted that steady US equity performance and stabilizing bond yields are creating a conducive environment for a broader cryptocurrency market rally.
Crucially, Kruger highlighted that the recent breakout was accompanied by a significant surge in trading volume, indicating that the price appreciation is driven by genuine new demand. Moreover, data from CoinGlass shows that funding rates in the perpetual futures market remain relatively low, suggesting the rally is not fueled by excessive speculation or unsustainable leverage. He emphasized:
“For a definitive confirmation of a sustained uptrend, we’d be looking for Bitcoin to achieve a weekly close above $95,000. Similarly, a decisive breakthrough of the $3,500 level for Ethereum would provide another crucial signal for a new wave of rallies.”
Disclaimer: This article is provided for market information purposes only. All content and opinions are for reference only and do not constitute investment advice. They do not represent the views or positions of the author or BlockBeats. Investors should make their own decisions and trades. The author and BlockBeats will not bear any responsibility for direct or indirect losses incurred by investors’ trading.
