- Bitcoin confirms a bullish reversal with a breakout above $87K, supported by a double bottom and rising momentum indicators.
- Trading volume surged during May’s rally, reinforcing buyer strength as Bitcoin flipped key resistances at $92K and $86K into support.
- After recovering 15% from April lows, Bitcoin targets a retest of $100K with renewed market confidence and upward price pressure.
Bitcoin regained bullish momentum after it broke resistance at $87,000 and crossed the $92,000 barrier. It is now trading at $96,241.78, representing a forceful turnaround from recent lows. The move follows a precarious three-month trend that witnessed a 20% dip from highs of the February levels around $102,000.
The recent breakout has added nearly 15% in value, signaling renewed strength and buyer confidence. According to analyst Michaël van de Poppe, every dip now offers a prime opportunity for long entries toward a new all-time high.
Double Bottom and Accumulation Confirm Trend Shift
In February, Bitcoin faced a sharp downturn after failing to hold above the $100,000 mark. It dropped below $93,000, breaking early support. The selloff deepened in March, with the price touching $82,000, marking the first leg of a double bottom formation. Significantly, this structure often precedes trend reversals in financial markets.
Besides, the market created a consolidation range between $81,513 and $87,000. This range absorbed heavy selling pressure as buyers slowly stepped in. A “higher low trend” formed in early March, confirming the beginning of an accumulation phase. Additionally, trading volume supported this narrative. Volume remained low during sideways action but surged during key breakouts and selloffs.
April introduced another liquidation event as Bitcoin briefly fell below $77,000. However, this second low confirmed the double bottom. Consequently, bullish momentum emerged in early May, marked by large green candles. The breakout above $87,000, initially labeled a “fake move,” quickly gained traction. Prices surged through $92,000 and reached the current level near $96,000.
Key Levels Guide Bitcoin’s Next Move
Bitcoin now trades above all major recent resistance levels. The $92,724 has flipped into strong mid-level support. Moreover, $86,951, once a ceiling, has become a firm base. The major floor remains at $81,513.
Additionally, oscillator readings have climbed from the neutral 40–60 range. The uptick in early May reflects bullish momentum backing the breakout. Market participants now eye a retest of $100,000, with momentum firmly on the side of buyers.
