Bitcoin (BTC) Price Blasts Past $99K— $119K Breakout Just Getting Started?

NOIDA (CoinChapter.com) — Bitcoin (BTC) surged past $99,000 on May 8, 2025, 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. Altcoins responded in kind. Ethereum advanced beyond $1,900, while Solana, XRP , and Avalanche delivered 4–9% gains in the past 24 hours. Bitcoin dominance climbed to 53.9%, reflecting renewed preference for BTC exposure amid rising risk appetite. Momentum has been amplified by bullish chart signals across social platforms. Michaël van de Poppe flagged 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 lockstep with broader liquidity trends. Adding to the optimism, Arizona passed a Bitcoin reserve bill that allows the state to hold BTC as part of its treasury. The move is a potential spark for broader institutional and political acceptance . With psychological resistance now within striking distance, Bitcoin’s price action has entered a zone where upside volatility could intensify rapidly. On-Chain Metrics Show Renewed Firepower Behind Bitcoin’s Breakout Bitcoin’s breakout above $99,000 is rooted in strong on-chain fundamentals. According to a Glassnode report, the token’s realized cap rose to a new all-time high of $889 billion, reflecting over 2% capital growth in a single month. This metric captures the cumulative USD value of all coins at the time they last moved. Its expansion signals real demand entering the network, not just recycled capital. As more coins change hands at higher prices, the realized cap rises—validating the rally as liquidity-driven, not speculative. Institutional reentry has reinforced this trend. U.S. spot Bitcoin ETFs recorded over $4.6 billion in inflows over the past two weeks. This marks a reversal from the largest sustained outflow period on record. BlackRock’s IBIT alone added substantial weight, helping push the aggregate ETF AUM to 1.171 million BTC—just 11,000 BTC below its all-time high. The surge in ETF appetite has fueled direct buy pressure at the top of Bitcoin’s range. Moreover, the CoinShares digital fund flows weekly report showed BTC investement vehicles seeing over $1.8 billion inflows in the week ending May 3. Short-term holders are showing renewed resilience. Realized losses dropped to just 1–2% of total daily volume. This low ratio suggests minimal panic selling, with most recent buyers holding through volatility. As prices returned above $95,000, over 3 million BTC flipped back into profit, easing sell-side stress. Bitcoin now trades above both the 111-day moving average and the short-term holder cost basis. These levels act as support during rallies. Reclaiming them often marks sentiment shifts 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 metrics confirm that Bitcoin’s recent price expansion stands on firm structural footing—driven by capital inflows, reduced selling pressure, and regained investor confidence. Bullish Technical Setup Adding To Upside Cues Meanwhile, the BTC USD pair has broken out of a falling wedge pattern, signaling a potential trend continuation in favor of the bulls. The breakout follows several weeks of tightening price action between downward-sloping resistance and support lines. This structure, often seen as a bullish reversal or continuation pattern, forms when volatility compresses following a retracement within a larger uptrend. The recent breakout above the upper boundary suggests the pattern has resolved in line with bullish expectations. Weekly RSI supports this move, rising steadily and crossing above its signal line, now hovering around the 61 mark—just below overbought territory, but with upward momentum intact. The projected upside target for the wedge is calculated by measuring the vertical height of the pattern at its widest point and applying that range upward from the breakout level. This method yields a target near the $119,500 zone, consistent with the chart’s projection line. Importantly, this target aligns with a prior price congestion area, increasing its credibility as a logical technical objective. Volume remains steady, suggesting buyers are entering gradually rather than through a short squeeze. If Bitcoin can consolidate above $99,000 and avoid a throwback into the wedge, momentum may carry the price toward the projected zone. Given current positioning and pattern resolution, the technical structure now favors upside continuation into the next quarter.