Bitcoin bulls are back in action. Last night, it successfully broke through the repeatedly suppressed $95,000 resistance level, and early this morning, it even surged to $97,800. Seeing this key resistance level taken out, analysts in the community are now pondering the next move — many believe Bitcoin still has room to grow, and the $100,000 mark might really not be just a dream.

As I write this, Bitcoin is fluctuating around $96,500, with a 24-hour increase of 1.2%.

Speaking of which, over the past two months, $95,000 has been like an insurmountable wall. Many times, it rebounded here only to be pushed back down, with selling pressure piling up heavily. Now, with a volume breakout, this is seen as a genuine signal of a market sentiment reversal.

FxPro’s Chief Market Analyst Alex Kuptsikevich said that from a candlestick perspective, Bitcoin has opened an upward channel toward the $100,000 to $106,000 region. There is a psychological barrier supporting it below, while above, it depends on whether the 200-day moving average can hold. He emphasized that Bitcoin is now not only firmly above $95,000 — a new high since November 17 of last year — but also well above the 50-day simple moving average. The entire trend line arrangement is clear, confirming a bullish pattern.

Singapore-based crypto trading firm QCP Capital also analyzed that recently, precious metals have been strengthening. As a safe haven during times of geopolitical risk, this also adds some interest to Bitcoin’s performance.