Bitcoin (BTC) Price Surged Past $99,000, Reclaiming Levels Last Seen in Mid-Feb. 2025

Bitcoin price surged above $99,000 on May 8, reclaiming levels last seen in mid-Feb. 2025. The rally now has market participants looking at a potential move above $100,000.

Recent BTC price action marks a decisive breakout after weeks of sideways movement, with BTC up nearly 3.5% in the last 24 hours.

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suggest that several technical analysts have been highlighting bullish chart signals on social media.

One such analyst, Michaël van de Poppe, noted the resilience of key support levels in the higher time frames, suggesting the rally could continue and BTC could be days away from revisiting the $100,000 price tag.

Another trader pointed to a breakout structure similar to late 2023, where BTC entered an extended rally phase.

Others cited the rising global M2 money supply as a macro factor reinforcing upside expectations, with X posts suggesting Bitcoin continues to trade in close relation to broader liquidity trends.

In a sign of shifting institutional and political landscape, Arizona passed a Bitcoin reserve bill. The bill allows the state to hold BTC as part of its treasury.

The move is a potential spark for broader institutional and political acceptance of Bitcoin.

With psychological resistance now within striking distance, Bitcoin’s price action has entered a zone where upside volatility could rapidly intensify.

On-Chain Metrics Show Renewed Firepower Behind Bitcoin’s Breakout

Bitcoin’s breakout above $99,000 stands on strong on-chain fundamentals.

According to a Glassnode report, the token’s realized cap reached a new all-time high of $889 billion, showcasing over 2% capital growth in a single month.

This metric, which tracks the cumulative USD value of all coins at the time they last moved, signals real demand entering the network. It isn’t just capital being recycled within the system.

As more coins change hands at higher prices, the realized cap climbs, validating the rally as liquidity-driven, not speculative.

This trend is reinforced by U.S. spot Bitcoin ETFs, which saw over $4.6 billion in outflows over the past two weeks.

This marks a reversal from the largest sustained outflow period on record.

Among them, BlackRock’s IBIT (Invictus Bitcoin Strategy) ETF saw substantial inflows, and together with other new additions, helped push the aggregate ETF AUM to 1.171 million BTC—just 11,000 BTC below its all-time high.

This surge in ETF appetite, fueled further by the report from CoinShares on digital fund flows, showing over $1.8 billion flowing into BTC investment vehicles alone in the week ending May 3, has been driving significant buy pressure at the top of Bitcoin’s range.

Short-term holders are also showing renewed resilience.

CoinGlass data shows realized losses dropped to just 1–2% of total daily volume. This exceptionally low ratio signals minimal panic selling.

As prices returned above $95,000, over 3 million BTC flipped back into profit, easing sell-side stress.

Bitcoin is now trading above both the 111-day moving average and the short-term holder cost basis, both key levels that provide support during rallies.

Their reclamation often marks shifts in market sentiment and trend continuations.

Additionally, relative unrealized losses among short-term holders collapsed back toward neutral bands, signaling improved portfolio health and stronger holding behavior.

These on-chain metrics confirm that Bitcoin’s recent price expansion stands on firm structural footing—driven by capital inflows, reduced selling pressure, and a return of investor confidence.

Bullish Technical Setup Adding To Upside Cues

In the technical sphere, the BTC USD pair has now fully broken out of a falling wedge pattern, setting the stage for a potential trend continuation in favor of the bulls.

This breakout follows several weeks of tightening price action between downward-sloping resistance and support lines.

This structure, commonly used in technical analysis to identify bullish reversal or continuation patterns, forms when volatility compresses following a retracement within a larger uptrend.

It usually signifies a shift in momentum as an asset experiences a period of consolidation before continuing its prevailing trend.

The recent breakout above the upper boundary suggests the pattern has resolved in accordance with bullish expectations.

Weekly RSI also supports this move, steadily increasing and now crossing above its signal line, at around 61—still below overbought levels, but with momentum on the move.

The projected upside target for the wedge is measured by taking the vertical height of the pattern at its widest point and applying that range upward from the breakout level.

This method, used to estimate potential move magnitudes, yields a target in the vicinity of the $119,500 zone, which aligns closely with the