Bitcoin (BTC) has surpassed a key resistance level of $89,000, indicating a strong upward trend towards $100,000. An analysis reveals a confirmed breakout pattern that suggests further substantial gains are likely. Published: May 12, 2025 At 05:13 AM; Updated: May 11, 2025 At 10:19 PM
This price surge is backed by a textbook inverse head and shoulders pattern. The chart shows strong price movement with a clear breakout above the previous resistance zone.
Key analysis highlights:
* **$89K Resistance Broken:** The move has surpassed $89,000 resistance, marking a significant shift in momentum.
* **Chart Structure Points to $100K:** The technical analysis suggests that the price may surge towards $100,000 as indicated by a historical pattern and current market behavior.
* **Volume and Moving Averages Confirm Bullish Trend**: Strong volume and moving average support further solidify the bullish outlook.
**Fibonacci Targets and Fair Value Gaps:** The analysis reveals multiple Fibonacci extension levels that align with potential targets of $101,514 and $180,000 for a full expansion.
* **Fair Value Gaps**: Two fair value gaps (FVG) have been identified in the price chart between $89,000 to $94,000. These gaps typically act as magnets, drawing liquidity towards key market zones.
**Support Levels:** The chart also displays support levels at $54,200 and $49,500, acting as potential safety nets should the rally lose momentum.
**Will Bitcoin Sustain Above $100K?**
The critical question is whether Bitcoin can maintain this upward momentum and overcome the psychological barrier of $100,000. A sustained price push above this level would confirm the multi-year breakout and drive longer-term gains.
Key indicators like social sentiment and on-chain metrics suggest accumulation zones, pointing towards further bullish trends. Historical patterns also offer evidence of similar setups leading to significant price increases. The current chart structure, coupled with the positive market factors, suggests strong upward momentum in the coming weeks.
**Tags:** Bitcoin, BTC, Cryptocurrency, Crypto Market