Bitcoin hits $97K, retreats above $94,000 as $100K resistance looms

The crypto market is currently seeing a mix of both confidence and scepticism, with BTC struggling to retain the $95,000 level. The latest data shows BTC trading at $94,736, down 1.07% in the past 24 hours, with its market cap at $1.89 trillion. After falling nearly 32% from its all-time high of $109,358 achieved on January 20, 2025, Bitcoin (BTC) found support around $73,500 and began to recover. It formed a candlestick pattern called a "long-legged spinning top," which often signals market indecision. BTC then moved sideways near a downward trendline, eventually breaking above both the trendline and the $90,000 resistance level, and climbed as high as $97,424 during this weekend.

Experts suggest the asset has strong resistance at $100,000 and $110,000, whereas $90,000 will now be strong support. The $95,000 breakout level is a key zone that now acts as a support area for bulls to defend. "Holding above this level is crucial to sustaining bullish momentum, especially as traders look ahead to potential rate cuts and historically strong performance in June and July. Despite recently overtaking silver with a $1.8 trillion market cap to become the seventh-largest tradable asset globally, Bitcoin’s rise has been somewhat overshadowed by gold’s impressive 20% rally to a $21.7 trillion valuation. Still, Bitcoin’s expanding role in institutional portfolios and alignment with macro trends reinforce its growing stature as a digital store of value," says Bitcoin technical analysis report by crypto exchange ZebPay.

On the daily chart, BTC appears to be forming a flag and pole pattern, a continuation setup that indicates the ongoing uptrend could resume after a short period of consolidation. "A strong breakout above the flag structure, particularly with rising volume, would confirm this pattern and signal renewed bullish momentum, potentially pushing Bitcoin toward new highs," says Piyush Walke, derivatives research analyst at Delta Exchange.

The CoinSwitch markets commentary also points towards optimism and caution, with BTC testing the $97K support level before returning to ~$94.5K, buoyed by positive sentiment surrounding potential U.S.-China trade negotiations and robust institutional demand.

The crypto has seen a 13.19% surge in its price in the past month as traditional markets also exhibited a positive trend last week, with S&P 500 and Nasdaq Composite closing the week with a gain of ~1.5%. CME Group reported a significant 129% year-over-year increase in crypto derivatives trading volume for April, reaching $8.9 billion. Speculative trading activity intensified, highlighted by a notable $300,000 strike in a Bitcoin call option set to expire in June. "Over 5,000 contracts were active for this option, reflecting traders' bold bets on Bitcoin's potential to triple in value within the first half of the year," the commentary suggests.

Overall crypto market stable

Despite the weekend profit booking, network activity is surging, with BTC just recording its highest number of active addresses in six months, with over 925,000 addresses active in a single day. This rise in participation reflects growing investor interest and market engagement. Overall, the market has remained stable, driven by stronger-than-expected US Nonfarm Payroll data, indicating a relatively stable job market. However, the Fed’s tone could set the next directional cue for the market. "The rally was further supported by $1.81 billion in net inflows into US Spot Bitcoin ETFs, representing the third-largest weekly inflow in 2025. While some profit booking has emerged ahead of the FOMC meeting, overall sentiment remains positive. As long as BTC holds above the 20-day EMA near $92,000, the broader uptrend is likely to continue... A dovish stance from the Fed could lead to a fresh rally toward the $100,000 milestone, triggering over $3 billion in liquidations that could further fuel upward momentum," says Alankar Saxena, Co-founder and CTO of Mudrex.

Research from Bitcoin and financial services firm NYDIG also shows corporate Bitcoin acquisitions could lead to a "10x money multiplier" effect, potentially driving Bitcoin's price up by 44% due to significant buy pressure from publicly traded companies.

Strong overhead resistance near $100K

Bitcoin's sharp rejection at $98,000 underscores the continued battle between bullish momentum and strong overhead resistance near the psychological $100K level, says Avinash Shekhar, Co-founder and CEO, Pi42. "While the asset's fundamentals and on-chain metrics remain supportive of another leg up, short-term corrections like this are natural in extended rallies. Altcoins, meanwhile, are experiencing a broader pullback, with high-beta assets like SUI and AVAX seeing sharper declines. The recent dip in total market capitalisation and rising BTC dominance suggest a temporary capital rotation back into Bitcoin as investors seek stability amid volatility. We expect the market to remain range-bound in the short term, with breakout potential hinging on macro sentiment and institutional flows."

Himanshu Maradiya, Founder and Chairman, CIFDAQ Group, says while optimism is evident, with BTC maintaining strength above the critical $90,000 resistance, traders should remain cautious near psychological levels like $100K, where volatility tends to spike. "Overall, the market tone remains constructive with broad-based support across sectors," he adds.