- Bitcoin holds above $95K and maintains momentum after breaking out of a descending wedge that hints at a potential $102K move.
- The $76K bottom and breakout above the 200-day MA mark a bullish shift, with higher highs forming for the first time since January.
- Consolidation near $96K and steady volume suggest accumulation, with $97K acting as the key trigger for a run toward $102K and beyond.
Bitcoin continues to trade near $95,775, holding firm after a volatile multi-month correction. Although it slipped slightly by 0.09% in the last session, the broader trend shows strong momentum. The price currently sits well above the 200-day moving average at $90,283, signaling growing bullish strength. The structure reveals an ongoing attempt to lock in a new uptrend, which could push BTC toward $102,000 if confirmed.
Bitcoin hit an all-time high near $106,000 in January 2025. Since then, it experienced a steep corrective phase, shedding nearly 30% by April. The price action formed a descending broadening wedge, clearly marked by expanding yellow trendlines on the daily chart. This pattern, though bearish in development, often precedes strong bullish reversals. The recent breakout above this structure adds weight to the bullish scenario.
Wedge Breakout Signals Uptrend Development
From January to March, Bitcoin printed a series of lower highs and lower lows, confirming a clear downtrend. Change-of-character points during this period signaled growing buyer interest. The price bottomed around $76,000 in April, creating a potential double bottom with the March low.
Source: SuperBro
Late April marked a turning point. Multiple green candles pierced through resistance and drove the price above the 200-day moving average. Consequently, the structure shifted from bearish to bullish, forming the first higher low and higher high since January.
Resistance and Consolidation Around $96K
Currently, the market consolidates near $96,000, just below a critical dotted resistance line around $97,000. Besides, the price trades above both major uptrend lines, further suggesting sustained buying pressure. Key orange support levels, formed during the correction, continue to hold.
Moreover, trading volume remains consistent, with spikes near trend reversals. This validates the price moves and confirms active market participation. However, caution persists ahead of the upcoming FOMC meeting.
A temporary market cooldown could lead to another higher low before pushing higher. If Bitcoin clears $97,000 decisively, it may accelerate toward the $102,000 wedge target. Additionally, a green projection line points to a longer-term aim around $108,000.
