Bitcoin Surges 14.6% In Two Weeks, Eyes New All-Time High

Bitcoin (BTC) has experienced a significant surge, rising 14.6% over the past two weeks from approximately $84,500 on April 18 to the mid-$90,000 range. This upward momentum has sparked speculation that the leading cryptocurrency is poised to reach a new all-time high (ATH), supported by several technical and momentum indicators suggesting a growing bullish trend.

One key indicator is the Bitcoin Monthly Stochastic RSI, which is on the verge of a bullish crossover. This signal, shared by crypto analyst Titan of Crypto, typically indicates growing upward momentum and is often interpreted as a potential buy signal or the start of a rally. Titan of Crypto noted that a similar bullish crossover in the Stochastic RSI in Q3 2021 preceded a 56.9% surge in Bitcoin’s price. However, for this bullish structure to hold, Bitcoin must maintain its position above crucial support levels.

Renowned analyst Ali Martinez highlighted that BTC could re-test the $95,700 support zone before advancing toward the $100,000 milestone. On the resistance side, Martinez emphasized that $97,530 is a key level to watch. A successful breakout beyond this threshold could pave the way for BTC to revisit or surpass its previous ATH, as it is currently trading roughly 10% below its record high.

Crypto analyst Rekt Capital also weighed in on BTC’s potential trajectory, suggesting that once BTC decisively breaks through the $97,000 to $99,000 zone, it could face rejection near $104,500. Holding the $97,000–$99,000 range as support would be critical for BTC to launch toward new highs. Similarly, analyst Ted noted that BTC is currently trading in a Wyckoff accumulation phase, with the $96K-$99K level potentially acting as resistance. Ted added that BTC could consolidate in this range for a few days before eventually breaking to the upside.

Despite the bullish momentum, analysts caution that Bitcoin is unlikely to face a true supply shock in the immediate future, which could temper upside potential. At the time of writing, BTC is trading at $97,142, up 0.9% in the past 24 hours. This cautious optimism reflects the broader sentiment in the market, where technical indicators and historical patterns suggest a potential for further gains, but external factors and market dynamics could influence the trajectory of Bitcoin’s price.