Bitcoin Price Analysis: Is $100K Inevitable After Recent Breakout?
Bitcoin has pulled off a clean breakout above a key resistance zone, with momentum picking up across both timeframes and confirmation coming from on-chain activity.
Technical Analysis
The Daily Chart
BTC has broken above the $92,000 level after consolidating for most of April. This breakout comes after a successful reclaim of the 200-day moving average, located around the $89,000 mark, which now acts as strong support around $88,000.
The next major resistance lies at $100,000, while support is now locked in at the $92,000 breakout zone. Judging by the bullish momentum, however, a continuation toward the $100,000 level is more probable in the coming weeks.
The 4-Hour Chart
On the 4-hour chart, price surged through the $92,000 resistance with high volume and has started forming a tight consolidation just above it, signaling a healthy continuation pattern.
The RSI also briefly spiked above 70 and is now stabilizing around the 6065 range, leaving room for further upside without being overextended. Any retest of the $92,000 zone that holds would reinforce this level as a new base before continuation higher.
On-Chain Analysis
Net Unrealized Profit Loss (NUPL)
Net Unrealized Profit/Loss (NUPL) has bounced sharply, moving back into the belief/optimism zone. This indicates that holders are once again sitting on significant unrealized profits, but sentiment hasnt yet flipped to euphoria.
This phase historically supports price continuation as holders remain confident and are less likely to sell aggressively. With NUPL well below its extreme peak levels, theres still runway for further upside before greed tops out.
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