Bitcoin (BTC) Has Surged to a New High of $97,000, Signaling Strong Market Confidence

Bitcoin (BTC) price surged to a new high of $97,000, signaling strong market confidence as it breached the $95,000 level, confirming bullish strength on both daily and weekly charts.

While minor pullbacks are anticipated, major support levels at $95,797 and $96,441 are being monitored by traders and experts. Market analyst Ali Martinez mentioned Bitcoin might test the support at $95,700 before moving upward. These levels are part of a larger bullish pattern that highlights Bitcoin's consistent move towards record highs in the coming weeks.

Bitcoin's Short-Term Targets and $100K Milestone In Sight

If purchasing pressure persists, Bitcoin's upcoming short-term resistance levels are $97,325 and $98,745, followed by the psychological mark of $100,000. These are derived from near-term price movements and are critical milestones that are on traders' radars in this period of sustained upward momentum in the market.

In the future, the overall pattern seems to be positive, with bulls aiming towards the $115,000-$120,000 area towards later this year. This positive prospect is dependent on BTC maintaining its present support.

Currently, BTC is trading at a value of about $96,726, having posted a 1.44% increase in value in the last week, supporting continuous bullish momentum.

Analysts are increasingly focused on identifying whether the current momentum will be sustained. Among these analysts is CryptoQuant contributor Axel Adler Jr., who offered a deeper look at Bitcoin's on-chain strength indicators.

Breakout Scenario Targets $150K–$175K Range

Adler highlighted Bitcoin's entry into the "start" rally zone, with a momentum ratio near 0.8. This figure is seen as a critical threshold that could determine whether BTC pushes higher or consolidates. His analysis draws comparisons with previous bullish cycles, suggesting a pivotal phase lies ahead.

In his latest QuickTake update, Adler outlined three scenarios. The most optimistic scenario foresees a momentum ratio of more than 1.0 to trigger a rally towards the $150,000 to $175,000 area—comparable to breakouts in 2017 and 2021. A breakout in this area has the potential to be a historic price discovery.

The base case predicts the ratio stabilizing between 0.8 and 1.0, keeping BTC range-bound between $90,000 and $110,000. This scenario implies cautious optimism, with traders holding steady positions. The pessimistic case sees the ratio dipping toward 0.75, signaling profit-taking and a potential drop to $70,000–$85,000. However, current data favors a bullish outcome.