Bitcoin is once again knocking on the $100,000 door. After a sharp rebound from the March lows, BTC is trading just below $99,300 at the time of writing, up more than 20% over the past two weeks. While macroeconomic uncertainty still clouds the broader financial markets, Bitcoin appears to be moving with conviction. The current setup is stirring speculation: is this the breakout moment the crypto community has been waiting for since early 2024?
BTC Price Action: Strong Momentum Ahead of the Psychological Barrier
Bitcoin’s current rally has brought it to its highest level since February, retesting the psychological $100K resistance. The daily chart shows a clean upward structure with higher lows and a clear breakout from the consolidation zone formed in mid-April.
Source: Tradingview
As seen in the TradingView chart, BTC has reclaimed the $95K–$96K area that previously acted as resistance, now potentially turning into support, trading currently above $99K. If momentum continues, $100K could break quickly, potentially opening the path to the $112K–$120K region identified by several analysts as the next supply zone.
On-Chain Signals: Exchange Reserves Hit Multi-Year Lows
Beyond the chart, on-chain metrics are screaming bullish. The most notable trend? Exchange reserves continue to bleed. According to CryptoQuant, centralized exchanges are now holding the lowest amount of BTC since 2020. This trend has intensified over the past month as long-term holders and institutions move coins into cold storage or staking mechanisms.
Source: CryptoQuant
The historical correlation between shrinking exchange supply and price surges is well-documented. A lower available supply reduces sell pressure, especially when spot demand rises — a dynamic that may be unfolding now.
Hashrate Hits Record Highs: Miners Show Confidence
Another key technical indicator pointing to long-term strength is Bitcoin’s hashrate. The total network hash power hit an all-time high of over 730 EH/s in April, according to Dune Analytics.
Source: TheBlock
Rising hashrate indicates more miners competing for rewards, often a sign of faith in the network’s long-term profitability. Even with the recent halving cutting rewards, miners are increasing their investment — a signal that big players expect significantly higher prices ahead.
Market Sentiment: Fed Uncertainty Fades, Liquidity Rotates
The Federal Reserve meeting on May 7 left interest rates unchanged as expected, but Powell’s statement struck a more neutral tone. This lack of surprise has helped reduce volatility in traditional markets and may have contributed to the tailwind pushing Bitcoin higher.
As liquidity begins to rotate back into risk assets, crypto is again in the spotlight — and Bitcoin, with its limited supply and growing institutional narrative, is poised to lead the charge.
Final Thoughts: All Eyes on the $100K Breakout
Bitcoin’s climb toward $100,000 is not just psychological — it’s technically supported by key metrics. The combination of strong price structure, record-low exchange supply, and miner confidence creates a powerful cocktail for a potential breakout. While short-term pullbacks are always possible, the broader structure is now skewed in favor of the bulls.
If BTC convincingly breaks the $100K mark in the coming days, it could trigger a wave of retail FOMO and institutional headlines — potentially setting up the next parabolic leg of this cycle.
