Bitcoin (BTC) price surges above $97,000 and is slowly rising towards the psychological barrier at $100K

The price of Bitcoin (BTC) has surged above the $97,000 mark and is slowly meandering towards the psychological barrier at $100K, which is known to attract massive buying volume.

As the crypto market capitalization surges back above $3 trillion, it showcases the growing strength within the space. While the volume remains restricted and ranges in a band, the rise in market capitalization suggests a notable increase in bullish strength as Bitcoin price rises past $97,000.

Despite this, the token is expected to maintain a strong ascending trend and eventually reclaim $100K in a short while from now.

Bitcoin price is expected to rise and form a new ATH before the final quarter, but may close the yearly trade on a bearish note.

On-chain data reveals that BTC whales and long-term holders are buying as exchange reserves continue to drop. This generates a supply squeeze that pushes the price up.

However, the price needs to rise above the “broken parabolic slope” that may pave the way for a new ATH as suggested by crypto veteran Peter Brandt.

Peter Brandt, a well-known crypto analyst, shared a historical chart of Bitcoin where the BTC price followed a parabolic curve in 2021 and formed a new all-time high.

Currently, the price has dropped below the curve, and a rise above the curve could trigger a strong bull run. The price is predicted to reach $125,000 to $150,000 by August-September 2025, but the analysts warn of a 50% or more correction after marking a new high.

Also, the rise in open interest suggests that longs are paying the shorts, which indicates that longs have become dominant compared to shorts. Unfortunately, the open interest is still in the negative territory despite the price approaching $100K.

According to Coinnalyse, the Bitcoin funding rate has gone negative, while the predicted funding rate average is also in the red. This suggests that shorts are still dominant over the longs, which spells trouble for the BTC price rally.

However, the analyst believes that only the destruction of the USD may prevent the massive correction. So, it would be interesting to watch the next Bitcoin (BTC) price action.