Bitcoin Surges 8% to $103,600 After Breakout

Bitcoin's price has surged to approximately $103,600 following a robust rally over the past 48 hours. This upward momentum has pushed Bitcoin well above the $100,000 psychological mark, gaining significant bullish traction after breaking out from a descending triangle near the $96,000 zone on May 7. The rapid advance has positioned Bitcoin within striking distance of upper resistance levels, with traders closely monitoring the price action to determine if this move can be sustained.

The 4-hour chart of Bitcoin reveals a strong bullish structure. The breakout candle sliced through key resistance zones at $98,000 and $100,000, with support now established between $96,000 and $98,000. Momentum indicators such as the RSI on the 30-minute chart hover around 61, suggesting some upside room remains before saturation. Meanwhile, the MACD is attempting another bullish crossover, indicating rising histogram strength.

On the 30-minute chart, Bitcoin's price movement is experiencing mild consolidation just under the $104,000 resistance band. The price has failed twice to close decisively above the $103,900–$104,200 region, forming a soft horizontal ceiling. Local support near $102,600 has held multiple intraday dips, reinforcing short-term bullish structure but also hinting at potential volatility if bears retest the zone. The stochastic RSI on the 4-hour chart has cooled off from extreme overbought levels, currently sitting near the mid-50s, which could pave the way for either renewed buying pressure or sideways movement. The EMA ribbon remains steeply upward, with 20/50/100/200 EMAs all aligned for a bullish continuation pattern.

The latest Bitcoin price update suggests that market sentiment has flipped firmly bullish after a breakout from a larger descending wedge visible on the daily chart. This pattern had capped Bitcoin price action since early April. The move above $100,000 not only completed that breakout but confirmed the flip of $96,000 from resistance into support. Adding to the positive momentum, the MACD on the daily timeframe shows an increasing bullish divergence with price, while the RSI hovers around 61—still within sustainable bounds for further upside. With price comfortably above the key EMAs on the 4-hour chart, and volume rising during the breakout, this upswing may extend toward $106,000–$108,500, provided bulls maintain strength above $103,000.

For May 11, the Bitcoin price prediction remains cautiously bullish. If bulls manage to close above $103,900 on the hourly chart, the next upside targets lie near $106,200 and $108,000—levels aligned with prior daily resistance clusters. However, failure to break this ceiling may trigger a retest of support near $102,600 or even the $100,000 psychological handle. A drop below $98,500 would shift the near-term bias to neutral. This move builds on the previously discussed bullish scenario on May 10, where breakout potential from the $96,000 zone was identified. That breakout has now materialized, making it essential for bulls to hold higher ground or risk a return to consolidation.