Bitcoin broke through the $94,000 resistance, currently trading at $96,614, targeting $109,000. Institutional support grows with North Carolina’s pension fund bill and El Salvador’s recent BTC purchase. Technical indicators suggest bullish momentum, but vigilance is needed at the $86,000 support level.
Bitcoin’s ascendancy seems poised for a significant leap following the recent breach of the $94,000 resistance level, with the digital currency now setting its sights on a potential target of $109,000. Over the past 24 hours, Bitcoin experienced a 1.6% rise, trading at $96,614, albeit lower than its intraday peak of $97,341. Trading activity also jumped considerably, up 13.6%, reaching $30.8 billion. As excitement builds, there’s speculation that May could usher in a return to previous all-time highs.
In noteworthy developments this week, the North Carolina House passed bill HB 92, allowing up to 5% of its $127 billion pension fund to be channelled into cryptocurrencies – Bitcoin, specifically. This substantial shift signals serious institutional interest, suggesting that investments from larger entities are rolling in. It’s more than just small-scale players getting involved; this is like jumping into the deep end of the crypto pool, causing a ripple effect of optimism across the market.
Adding to the momentum, El Salvador has reiterated its commitment to Bitcoin, acquiring an additional 1,000 BTC for its national treasury. President Bukele’s bullish stance positions him as a leading figure in the Bitcoin movement, as the country remains steadfast in its pro-Bitcoin policies despite a new $1.4 billion IMF loan deal aimed at lessening its crypto exposure. This unified front by a nation-state underscores that Bitcoin is increasingly viewed as a stable store of value, rather than just a speculative asset.
Taking a closer look at the BTC/USD chart shows an intriguing formation; currently, Bitcoin is trading at around $96,228.80, above a key neckline of a double bottom pattern that has developed since early 2025. This historical price formation often indicates a strong reversal, with the possibility of surging towards the projected target of $109,312.19. The breakout above $94,000, which has now transformed into a new support level, strengthens the bullish outlook as fresh buying volume comes in.
Moreover, the dynamic support from the 50-day simple moving average (SMA) at $86,224.80 reaffirms the bullish sentiment long-term. Also, technical indicators lend further credence to this optimistic projection. The MACD is reflecting bullish momentum as its line crosses above the signal line, with the histogram remaining in the positive range. Furthermore, the RSI, currently at 69.31, hints there’s still some breathing space before it reaches overbought conditions which could prompt a short-term pullback.
Given the influx of institutional investments and the emerging trends from various nation-states, the move toward $109,000 seems increasingly likely. With the previous resistance at $94,000 now behind us, there’s talk of a rapid 10% surge occurring, fuelled by FOMO as retail investors may start pouring in. However, vigilance is advised. The support level at $86,000 is crucial; a dip below this could lead to a retest of the $84,000 mark before another upward movement.
