Bitcoin Nears $100 While Facing Key Resistance at $98K Amid Bullish Sentiment

By: blockchainreporter|2025/05/03 11:30:01

Bitcoin ($BTC) made a remarkable growth at the beginning of May 2025, reclaiming $97K mark on Friday. At present, Bitcoin ($BTC) is hovering around $97,000 while experiencing key resistance at $98.383, surpassing which could ease the breakout to the psychological price level of $100K. The overall bullish sentiment is significantly contributing to Bitcoin’s potential for continued upswing.Investor Confidence Pushes B$TC Closer to $100K Amid Key Price Resistance at $98KOver the recent days, Bitcoin investors have been showing noteworthy confidence in Bitcoin by actively participating in the buy activity. Hence, the enormous price rally has raised Bitcoin’s price to a critical zone near the $100K mark. At this point, the traders want the top crypto asset to surge past the psychological price level. Nonetheless, the Fibonacci retracement level at 0.618 and the key resistance at the $98K are indicating the requirement for a push.Keeping this in view, Bitcoin ($BTC) needs to clear this resistance to ensure its spike above $100K. Additionally, the positive funding rates of Bitcoin also highlight that traders are recompensing a premium for long positions in the case of perpetual funds. Simultaneously, when it comes to crypto derivatives, the respective dynamic emerges amid the dominance of bullish sentiment. Nevertheless, if Bitcoin fails to surpass and sustain its position above $98K, it could also face a reversal.Macroeconomic Setting Favors Bitcoin’s Potential for Massive Price BreakoutAmid Bitcoin’s fluctuating price levels around $97K, momentum is building around it, shaped by the macroeconomic and geopolitical uncertainty. Apart from that, U.S. President Donald Trump’s positive endeavors for crypto have also contributed a lot to this surge. In the meantime, market onlookers are keenly watching for the market trends and the likely signs of a breakout to $100K.

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