Bitcoin surged past the $97,000 mark on Wednesday, climbing to a high of $97,546 before pulling back slightly, as traders continue to test key resistance levels.
The move came after days of tight price action between $93,000 and $96,000, with total market capitalization reaching $1.90 trillion and 24-hour trading volume hitting $29.88 billion, according to recent crypto.news data.
The rally builds on momentum that began in mid-April, when Bitcoin (BTC) decisively broke out of a long-standing consolidation phase near $74,400. Technical indicators suggest continued upward pressure, with major support now established in the $88,000–$90,000 zone.
A dip toward $92,000 could offer a new entry point for long positions if supported by renewed volume, while a fall below $88,000 may signal broader correction risks.
Is Bitcoin gaining momentum?
This rise is nearly 30% from its April low, as investors embraced riskier assets. The rally gained momentum after the cryptocurrency avoided a death cross pattern in April, with bullish technical signals such as a double-bottom and bullish flag breakout suggesting further upside.
Institutional interest also grew, with spot Bitcoin ETFs recording $2.9 billion in inflows last month and companies like Tether, SoftBank, and Trump Media adding Bitcoin to their treasuries.
At the same time, disappointing U.S. economic data, including weak job growth and declining consumer confidence, fueled expectations of a rate cut by the Federal Reserve. These developments, along with the possibility of a trade policy pivot from Donald Trump, helped drive renewed optimism in Bitcoin’s path forward.
