Bitcoin Surges 3% to $102,950, Breaking $100,000 Psychological Level

Bitcoin's price has surged to around $102,950 after reaching intraday highs near $103,281 on May 9. This rally followed a breakout from a multi-day flag formation, pushing the price past the critical $100,000 psychological level. The bullish momentum is supported by a breakout from a falling wedge visible on the 4-hour and daily charts, testing a key resistance zone near $103,700–$104,000.

On the daily timeframe, Bitcoin's price action has flipped the March swing high and now trades above the weekly 0.236 Fibonacci level. This confirms a breakout from the broader range that persisted for much of April. The 4-hour chart reveals a sequence of higher lows and impulsive candle structures, indicating strong underlying demand. Price also broke above a short-term descending trendline and reclaimed horizontal support at $97,500, further validating the breakout.

The weekly Fibonacci levels suggest potential upside targets toward $109,396 if $103,700 is broken cleanly. However, the confluence of resistance at $103,700–$104,000 could stall bullish momentum temporarily, especially as shorter-term momentum indicators begin to cool.

The 4-hour chart shows Bitcoin price volatility expanding sharply, with Bollinger Bands widening as price rides the upper band near $103,749. This reflects strong breakout behavior but also hints at near-term exhaustion if price consolidates below this upper range.

On the RSI (30-min), the index currently prints around 64.28, down from overbought readings earlier in the session, suggesting a potential cooldown phase. Meanwhile, MACD (30-min) shows a bullish bias, though the histogram is beginning to flatten out as momentum slows.

From a moving average perspective, the 4-hour EMAs (20/50/100/200) are stacked in bullish alignment, with the 20-EMA near $98,897 and the 50-EMA near $96,879 acting as dynamic support. Bitcoin price update shows sustained bullish structure unless the $97,000 zone is breached on a sharp pullback.

Weekly Fibonacci retracements show BTC trading well above the 0.382 and 0.5 zones, reinforcing the medium-term bullish bias. A decisive daily close above $103,700 would open the path toward the $105,000–$109,000 targets based on historical highs and Fib extension zones.

Heading into May 10, Bitcoin price spikes have put bulls firmly in control, but consolidation is likely unless price clears $103,700 with strong volume. A clean breakout would trigger the next leg higher toward $105,000, while failure to hold above $101,800 could result in a short-term pullback to $97,500 or even $96,000.

Traders should closely monitor short-term momentum cues for signs of exhaustion. While the broader trend remains bullish, a local top could form if buyers fail to defend the $101,800–$102,000 region.

As of this Bitcoin price update, momentum remains intact, but volatility is rising. The next 24 hours will be critical to determine whether this breakout sustains or retraces.