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Bitcoin has rallied to $105,773, clearing the psychological $100K barrier. Technicals show a strong breakout over key Fib levels, with RSI hitting overbought territory. Derivatives data confirms rising bullish sentiment, with $82M in liquidations and $90B in futures volume. The BTC/USDT heatmap reveals liquidity gaps above current prices, signaling potential for further upside if $100K holds. The next resistance lies at $109K, but cautious optimism is key amid thin liquidity and volatile headlines.
Bitcoin (BTC) has shocked the market with a breakout above $100,000, reaching a peak of $105,773 on May 12, 2025. Now that BTC is within reach of its all-time highs, market participants are left to evaluate whether this rally represents a legitimate continuation of the bull market or an impulsive movement based on speculation.
Bitcoin has cleared previous resistance levels near $98,000 (the 0.236 Fib level) and is now hovering just below the next significant resistance at $109,190, derived from the previous all-time high zone.
The RSI is at 75, indicating overbought conditions, which can signal a potential short-term cooldown of the price action. Nevertheless, the momentum remains strong, with the price above all moving averages, and the EMAs are all ascending. The 200-day MA now lies near $87,374, and strong support is expected around $90,800 (0.5 Fib level).
This breakout above key Fibonacci retracements is also significant from a technical standpoint. BTC has crossed the 0.382 and 0.5 Fib levels, suggesting a continuation pattern. If BTC breaks over $109,000, it would trigger a fresh breakout to a new high toward $115,000+ with minimal resistance.
CoinGlass data shows:
BTC Derivatives Volume increased by 23.14% to $90B as speculative activity increased.
Open Interest (OI) increased by 4.25% to $68.28B as the trader's total exposure to BTC grew.
Options Volume increased 34.23% to $3.66B, which shows that hedging and bullish directional bets are being placed.
The BTC OI-Weighted Funding Rate is positive, which implies that longs have to pay shorts to hold their positions, while neutral at worst. That is a good bullish sign as long as it does not spike to extreme levels.
In the past 24 hours, total liquidations were $82.11M, with $59.42M being shorts. This further confirms the breakout narrative and shows that bearish traders are getting squeezed as BTC moves up.
The BTC/USDT liquidation heatmap from Coinglass shows significant liquidation zones just beneath $100,000, where other recent stop-losses and short positions were cleared.
The large liquidation leverage zones (below $103,000) show the places where bears were caught off guard.
Above these current price levels ($106,000), liquidity drops significantly, meaning there may be fewer short positions to squeeze.
This imbalance itself can provide a gravitational pull to volatility. If BTC pulls back to $100K, we can expect more aggressive buyers to begin eating the order book.
This heatmap shows that BTC cleared another large liquidity hurdle and has a more subdued order book above a scenario we typically see before explosive rallies.
Headlines such as U.S.-U.K. trade optimism and the broader institutional sentiment partially drove BTC’s recent rally. However, maintaining these levels will be based on passive flows, that is, long-term spot buyers and inflows from ETFs, not buying on a speculative short-term leverage basis.
If BTC can hold above $100K in the days ahead, with increased volume, it could build a solid base for a potential another leg higher. Conversely, if it does not hold these levels, we could quickly move down to the $92K - $94K support levels.
Bitcoin is at a crucial stage. Surpassing $100,000 has cleared out weak shorts and triggered large-scale liquidations, opening the doors for possibly greater heights. With derivatives data suggesting increased bullish leverage and the technical levels aligning for a breakout, $109K is the next line.
At the same time, traders should be cautious with the currently overbought RSI, headline-sensitive markets, and the limited liquidity above this point. Traders should be optimistic, but actions and observations around volume, funding rates, and retention support around $100K will be crucial for how real and sustainable this rally is.
