Bitcoin’s recent price action is fuelling fresh optimism among traders and investors as it eyes a new milestone of $120,000. Despite a pullback from its recent local high of $111,800, the broader technical structure suggests that the uptrend remains firmly in place. The current retracement appears orderly and healthy, aligning with key Fibonacci levels and long-term moving averages, indicating that the bulls are far from exhausted.

Strong Support Holding at $106,500

The most significant technical development in recent sessions is the firm support forming around the $106,500 zone. This area has proven resilient during the latest dip, coinciding with the 0.618 Fibonacci retracement level — a key ratio often associated with bullish continuation setups.

Adding further weight to this support level is the convergence of two major moving averages, acting as a technical floor. This confluence provides strong backing for the case that the current pullback is merely a higher low within a broader bullish structure, not a precursor to a breakdown. The market’s ability to respect this zone will be pivotal in determining the strength of the next upward move.

Market Structure: Higher Highs and Higher Lows

The bullish structure that began with the $91,500 swing low remains intact. Since then, Bitcoin has been printing a consistent sequence of higher highs and higher lows — a textbook example of an uptrend. This pattern reflects growing confidence and sustained momentum among market participants.

BTCUSDT (4H) Chart, Source: TradingView

Importantly, even after touching $111,800, the pullback has not violated any key structural levels. Instead, it has reaffirmed the bullish bias by finding support at technically significant zones. As long as Bitcoin remains above $106,500, the bias remains upward, and any dips into this region are likely to be viewed as buying opportunities.

Fibonacci Extension Signals $120,000 Target

Using Fibonacci extension tools, analysts have identified $120,000 as the next major target. This level aligns with the 1.618 extension of the most recent bullish impulse, giving it strong technical validity as a potential resistance point in the near future.

Fibonacci extensions are widely used in trending markets to project where the next wave of buying pressure could take price action. In this case, the projected move to $120,000 suggests that Bitcoin still has significant upside potential, provided current support levels continue to hold.

Consolidation or Reversal? All Signs Point Up

The market is currently in a consolidation phase, often mistaken for reversal in volatile assets like Bitcoin. However, the current price behaviour indicates a classic pause within an ongoing uptrend. Volume remains steady, support levels are respected, and there’s no evidence of distribution or topping patterns.

What we’re witnessing appears to be a period of healthy consolidation, possibly forming the base for the next leg higher. With macro conditions relatively stable and institutional interest still growing, the path of least resistance appears to remain to the upside.

Bitcoin has once again captured global attention, reaching an all-time high (ATH) of $109,845, breaching its previous resistance at $109,588. This historic rally has cemented Bitcoin’s position as a dominant asset in the global financial landscape, pushing its market capitalization past $2 trillion. As Bitcoin enters a fresh price discovery phase, market participants are bracing for what lies ahead in this exhilarating journey.

The Drivers Behind Bitcoin’s Meteoric Rise

The latest surge in Bitcoin’s price is attributed to growing adoption, robust institutional inflows, and strong whale activity. Notably, James Wynn, a prominent whale holding 40 times the average BTC portfolio, recently expanded his long position to $1 billion. His move reflects growing confidence among major players, supported by record inflows into Bitcoin Exchange-Traded Funds (ETFs) and a wave of profitable holders.

Additionally, Bitcoin’s Open Interest (OI) has reached a new peak, increasing by $13 billion on Binance alone. This indicates heightened activity in futures and options markets, signifying rising liquidity and volatility. A V-shaped recovery from its recent corrections has further fueled optimism, as Bitcoin comfortably surges above its final resistance zone.

The Golden Cross: A Bullish Signal

Bitcoin’s technical indicators point toward sustained bullish momentum. The 50-day and 200-day Moving Averages (MAs) are nearing a Golden Cross, a classic signal of a long-term uptrend. Simultaneously, the Average Directional Index (ADX) shows a bullish divergence after a near-bearish crossover between the +DI and -DI indicators was averted by the recent price rally.

Such developments not only validate the current uptrend but also suggest that Bitcoin may remain in its price discovery phase for an extended period. This phase is characterized by the absence of significant overhead resistance, allowing prices to explore new highs.

Market Sentiment and Institutional Confidence

While retail traders remain divided on Bitcoin’s next move, institutional sentiment remains decisively bullish. Bitcoin ETFs are experiencing unprecedented inflows, reflecting growing acceptance of Bitcoin as a legitimate financial instrument. Furthermore, the surge in realized cap, a measure of aggregate holder value indicates confidence in the market’s long-term prospects.

Whales, in particular, appear unfazed by short-term volatility. Their increasing positions are a testament to expectations of further price appreciation. The combination of whale activity and institutional participation could act as a powerful catalyst for Bitcoin’s next leg up.

What’s Next for Bitcoin?

Having broken its ATH after 121 days, Bitcoin is poised for further gains. Technical charts suggest that the next significant milestone could be around $119,000. However, the journey to new highs will likely be accompanied by increased volatility, as the market grapples with profit-taking and renewed buying pressure.

Key factors to watch include:

1. The progression of the Golden Cross, which could solidify long-term bullish sentiment.

2. Ongoing institutional inflows, particularly from ETFs.

3. Macro-economic conditions, as Bitcoin’s performance increasingly correlates with broader financial markets.

Bitcoin’s breach of $110,000 marks a pivotal moment, showcasing its resilience and potential for future growth. Backed by strong institutional support, rising liquidity, and robust technical indicators, Bitcoin’s current rally is more than just a flash in the pan. As the market enters uncharted territory, all eyes remain on the flagship cryptocurrency to see how far it can soar. Whether you’re a seasoned investor or a curious observer, Bitcoin’s price discovery phase promises an exciting chapter in financial history.

Bitcoin’s bullish momentum in 2025 has reignited predictions of a six-figure price tag, with crypto analyst Scott Melker claiming that a surge to $250,000 is “totally possible.” Supported by rising institutional adoption, declining volatility, and a strengthening regulatory environment, Melker and others see a compelling case for an explosive move in the coming months.

Institutional Adoption Reshaping Bitcoin’s Trajectory

Scott Melker, host of The Wolf of All Streets podcast, believes institutional players are reshaping the Bitcoin landscape. He points to growing involvement from pension funds, ETF issuers, and publicly listed crypto firms as signs of a maturing asset class.

Melker highlights that Bitcoin’s volatility—once three times higher than the S&P 500—is now less than twice as volatile. This decreasing volatility signals increased participation from long-term investors, especially from Wall Street. “The more institutional money, the more long-term holders get involved, the less volatility there’s going to be,” Melker said in a recent interview.

With institutions taking long positions and regulatory clarity improving, the ecosystem appears more resilient than in previous cycles. This fundamental shift could underpin a sustained bull market.

Market Milestones Boosting Sentiment in 2025

Crypto markets have shown robust signs of strength in early 2025. Bitcoin recently surged past $104,000, while Ethereum reclaimed levels above $2,600. This resurgence in major cryptocurrencies suggests renewed investor confidence.

A major symbolic win came with Coinbase being added to the S&P 500 — not merely as an entry, but as a top 50 constituent by market cap. Melker cites this as evidence that crypto is no longer a fringe industry but increasingly embedded within mainstream financial systems.

Similarly, firms like Galaxy Digital and eToro moving forward with public listings reflect optimism in regulatory environments, especially under the current US administration. Dropped SEC lawsuits and favourable executive orders have created what Melker describes as “an extremely bullish” backdrop.

Analysts Weigh In: $250K Not Out of Reach

While $250,000 remains an ambitious target, Melker isn’t alone in his outlook. X analytics account Apsk32 recently commented that Bitcoin has a “decent chance” of hitting or exceeding that level in 2025, drawing comparisons to gold-like price movements.

Peter Chung, head of research at quantitative trading firm Presto

Peter Chung, head of research at quantitative trading firm Presto, reiterated his forecast of $210,000 for Bitcoin by the end of 2025. Analysts at Standard Chartered and Intellectia AI also believe that increasing demand from ETFs and traders hedging against macroeconomic risk could more than double Bitcoin’s price this year.

Melker adds historical context to support such growth: from 2020 to the peak of the last bull market, Bitcoin climbed from $3,000 to $69,000 — a more than 20x gain. By comparison, a 2.5x surge from today’s levels “wouldn’t be a big deal,” he said.

Altcoin Rally Signals Inflow of New Capital

Beyond Bitcoin, the broader crypto market has shown signs of revitalisation. Ethereum has recently outpaced Bitcoin in price performance, and altcoins are beginning to follow. According to Melker, this signals an influx of “new money” into the space rather than internal capital rotation.

This trend indicates growing investor appetite for high-risk, high-reward assets — a hallmark of early bull markets. With capital inflows extending beyond Bitcoin and Ethereum, the altcoin space could see outsized gains in the months ahead.

While predictions of Bitcoin reaching $250,000 in 2025 may seem bold, the groundwork appears to be in place. Institutional adoption, regulatory improvements, declining volatility, and rising market confidence all support a strong bullish case. Although most analysts foresee more conservative cycle highs between $120,000 and $150,000, the inherently volatile nature of crypto means that wild price runs — as seen in previous cycles — can’t be ruled out. Whether or not Bitcoin hits the $250K mark, one thing is clear: the market is gearing up for a potentially historic year.

Bitcoin (BTC) has once again broken through the coveted $100,000 mark, marking a significant milestone in its price trajectory. For the first time since January 2025, the flagship cryptocurrency has reclaimed the six-figure territory, currently trading at $100,794, up 4.11% from its intraday low of $96,150. The latest rally is backed by shifting market dynamics, growing institutional interest, and global political developments. As market sentiment turns increasingly bullish, some prominent figures like MicroStrategy’s Michael Saylor are setting their sights on $200,000.

Third Time Above $100K: What’s Different Now?

This marks the third time Bitcoin has breached the $100K mark, following previous peaks on December 5, 2024, and January 20, 2025. However, unlike the previous instances, this current breakout is accompanied by a substantial increase in market dominance, now exceeding 60%.

BTCUSD Price Chart | Source: CoinMarketCap

To put that into perspective, during the previous surges, Bitcoin’s dominance hovered around 52–54%, suggesting a more altcoin-diverse rally. This time, however, the spotlight is squarely on Bitcoin, highlighting a clear market rotation back towards the original cryptocurrency and away from riskier altcoins.

Bitcoin Dominance hit ATH | Source: CoinGecko

This increasing dominance also implies stronger investor conviction. It’s not just a speculative run it reflects a broader shift in institutional allocation, portfolio rebalancing, and perhaps even a recalibration of what “store of value” means in today’s global economy.

Macroeconomic Winds Fuel the Rally

The latest leg up in Bitcoin’s price comes amid a confluence of global economic and political triggers. Notably, US President Donald Trump’s recent remarks on a potential trade agreement with the United Kingdom have injected optimism into financial markets, spilling over into the crypto sector.

Simultaneously, the weakening US dollar and declining bond yields are encouraging investors to seek alternative hedges against inflation and fiscal uncertainty. Bitcoin, with its capped supply and decentralised nature, is increasingly viewed as a digital safe haven. This macroeconomic backdrop creates ideal conditions for a Bitcoin rally.

Adding fuel to the fire is a surge in institutional inflows. According to data from Farside Investor, Bitcoin ETFs saw $1.8 billion in inflows in just the past week. These figures point to growing confidence among institutional investors, further legitimising Bitcoin’s role in diversified portfolios.

Michael Saylor: Bullish Beyond $200K

Few names are as synonymous with Bitcoin maximalism as Michael Saylor, Executive Chairman of MicroStrategy. Following the latest price surge, Saylor posted on X (formerly Twitter):

“You can still buy $BTC for less than $0.2 million.”

His statement isn’t just hype; it reflects deep conviction. For years, Saylor has led his company to aggressively accumulate Bitcoin, positioning it as a core treasury asset. His bullish call for $200,000 BTC aligns with the ongoing institutional shift and macro conditions supportive of higher prices.

While sceptics argue that such valuations are speculative, the historical trajectory of Bitcoin’s four-year halving cycle often supports dramatic price appreciation in its latter stages. According to Ben Caselin, Chief Marketing Officer at crypto exchange VALR,

“Retail is only set to come in toward what is traditionally the latter part of the Bitcoin four-year cycle, which might see a macro top reached in Q4 of this year.”

If history is any guide, we could see a continued rally, particularly as retail FOMO (fear of missing out) kicks in over the coming months.

Technical Indicators Support Bullish Momentum

From a technical perspective, Bitcoin appears poised for further upside. The recent rally followed a bounce from the $93,645 level, which had previously acted as resistance but is now serving as strong support.

BTCUSD Daily Price Chart | Source: TradingView

Currently, the Relative Strength Index (RSI) sits at 76, suggesting that the asset is in overbought territory. While this could signal a temporary pullback, it also confirms that bulls are firmly in control of the market.

Moreover, the overall structure of the chart shows a continuation pattern, indicating strong momentum rather than a fleeting spike. A break above the psychological resistance of $110,000—a target floated by Caselin could open the door to new all-time highs.

However, as always, investors should remain cautious. Sustained gains will depend heavily on key upcoming economic data, including the US budget report and the Consumer Price Index (CPI) release. These indicators will offer more insight into inflation, fiscal policy, and potential interest rate decisions—all of which could affect crypto markets.

What This Means for Altcoins and the Broader Crypto Market

While Bitcoin’s surge is cause for celebration among long-time holders, not all parts of the crypto market are rejoicing. The spike in Bitcoin dominance to over 60% signals a capital flight from altcoins, many of which are underperforming relative to BTC.

This may indicate that investors are consolidating their positions into safer, more established assets amid economic uncertainty. For altcoins to regain traction, they may need fresh narratives, technological upgrades, or more speculative retail activity.

Still, in past cycles, altcoins have often followed Bitcoin’s lead with delayed but aggressive rallies of their own—commonly referred to as “altseason.” Whether such a trend materialises in this cycle remains to be seen, especially as regulatory scrutiny on altcoins continues to mount.

Bitcoin’s climb past the critical $95,000 mark has triggered a divide in market sentiment. While miners are showing renewed confidence, derivatives traders are positioning for a pullback. This divergence raises key questions about whether Bitcoin is gearing up for another rally—or bracing for correction.

Miners Accumulate as Confidence Builds

The most notable reaction to Bitcoin’s breakout came from miners. On-chain data from CryptoQuant reveals a sharp uptick in BTC miner reserves starting April 29, shortly after BTC closed above $95,000. This reserve had plunged to a yearly low of 1.80 million BTC just a day earlier, but the trend reversed as miners began accumulating again.

Miner reserves reflect the number of coins held in miner wallets and are often viewed as a sentiment gauge. Rising reserves suggest miners are holding onto their coins, expecting higher prices ahead—rather than selling into the rally.

Positive Netflow Underscores Bullish Sentiment

Further strengthening the miner narrative is the shift in miner netflow. Since April 29, more BTC has been moving into miner wallets than out, a clear indication that miners are in accumulation mode.

Bitcoin Miner Netflow. Source: CryptoQuant

This behavior typically aligns with long-term optimism. Miners, who often operate on thin margins, tend to liquidate when prices appear unsustainable. Their choice to hold now suggests they see more upside in the near term.

Futures Market Sends Mixed Signals

Despite the bullish undertone from miners, BTC’s derivatives market tells a contrasting story. Since early May, the coin’s funding rate has remained in negative territory, currently sitting at -0.0056%.

BTC Funding Rate. Source: Coinglass

In perpetual futures contracts, a negative funding rate means short traders are dominant, paying longs to maintain open positions. This indicates a broader market expectation of a pullback or correction, despite BTC’s spot price strength.

Key Levels to Watch: Rally or Rejection Ahead?

This growing divergence between miners and traders puts BTC at a critical crossroads. If accumulation continues and demand picks up, Bitcoin could aim to break resistance at $98,515 and potentially challenge the $102,080 zone.

BTC Price Analysis. Source: TradingView

However, if trader skepticism proves correct and selling pressure mounts, BTC could slide back below $95,000, with $92,910 as the next support level.

Bitcoin bullish momentum has brought it to the edge of a critical threshold — but whether it can break past $90,000 remains uncertain. The flagship cryptocurrency surged past $89,000 on 22 April, marking its highest price since early March, yet technical and on-chain signals hint at a possible near-term pullback.

BTC Battles Key Resistance Zone

Data from TradingView and Cointelegraph Markets Pro shows that Bitcoin’s price approached the $89,000 level steadily, fuelled by strong spot buying during U.S. trading hours. However, the $90K–$91K range is now acting as a formidable resistance.

BTC/USD daily chart. Source: Daan Crypto Trades

Prominent analyst Daan Crypto Trades highlighted that this range had previously served as a major support zone, which now flips into resistance. Adding to this pressure is the 200-day simple moving average (SMA), currently sitting just above $89K — a widely watched technical barrier.

“Quite a few resistances close by,” said Daan, “but a few percentage moves and you’ll break through all of them. Bulls know what to do.”

On-Chain Data Signals Caution

While the recent surge has energised markets, analysts warn of deeper resistance ahead. Julio Moreno, head of research at CryptoQuant, pointed to the realised price of active traders between $91,000 and $92,000 as a significant hurdle.

This realised price, an on-chain metric that reflects the average acquisition cost of active traders, often acts as resistance in bearish phases. As Bitcoin continues to consolidate below this range, traders are watching closely for signs of either a breakout or a reversal.

Is a Pullback on the Cards?

Although momentum remains positive, the struggle to break above $90K suggests profit-taking and sell-side liquidity could slow down further gains. Analysts also warn that if Bitcoin fails to establish support above $89,000, short-term corrections may follow.

Market sentiment is cautiously optimistic, with some traders viewing this consolidation as healthy before a larger move, while others remain sceptical given the cluster of technical resistances.

What’s Next for Bitcoin Bulls?

To confirm a bullish breakout, Bitcoin must convincingly clear the $91K–$92K resistance zone and establish it as support. Until then, the crypto remains vulnerable to range-bound movement and brief retracements.

If bulls manage to push past this zone, it could open the door to new all-time highs, especially with broader macro factors such as institutional interest and ETF inflows continuing to support the market.

In the short term, however, Bitcoin traders are urged to stay cautious and watch for volume-backed moves before making aggressive entries.