Bitcoin (BTC) Price Today Surges Above $98,950, Targeting $100K Resistance

Bitcoin price today is trading at $98,950 after briefly touching $99,421 earlier on May 8. This surge above $99,000 marks the asset’s highest level since March, fueled by breakout momentum from a two-day bull flag formation. However, with short-term indicators showing signs of cooling, Bitcoin price action may face resistance as it tests key psychological and technical levels close to $100K.

What’s Happening with Bitcoin Price?

On the 4-hour chart, BTC broke decisively out of a sideways consolidation pattern between $96,000 and $97,800, moving toward $99,400 before encountering intraday rejection. This push confirms a bullish continuation pattern that had been building since early May. The structure is supported by higher lows and rising channel support, signaling strong underlying demand.

The latest breakout follows a textbook sequence of bullish setups—multiple failed breakdowns, rec