Bitcoin price today is trading near $98,950 after briefly touching $99,421 earlier on May 8. This surge above $99,000 marks the asset’s highest level since March, fueled by breakout momentum from a two-day bull flag formation. However, with short-term indicators showing signs of cooling, Bitcoin price action may face resistance as it tests key psychological and technical levels near $100K.
What’s Happening with Bitcoin Price?
Bitcoin price chart (Source: TradingView)
On the 4-hour chart, BTC broke decisively out of a sideways consolidation pattern between $96,000 and $97,800, lifting toward $99,400 before encountering intraday rejection. This push confirms a bullish continuation pattern that had been building since early May. The structure is supported by higher lows and rising channel support, signaling strong underlying demand.
The latest breakout follows a textbook sequence of bullish setups—multiple failed breakdowns, reclaim of support zones, and breakout above descending trendline resistance. The intraday chart also shows a recent flip of $97,600 into support, which is now the key area to watch for bullish continuation.
Still, the price has not yet confirmed a clean breakout above the $99,700–$100,000 resistance band, a zone that capped previous Bitcoin price spikes in March.
Why Bitcoin Price Going Up Today?
Bitcoin price chart (Source: TradingView)
Momentum indicators remain supportive despite slight intraday retracement. The RSI on the 30-minute chart hovers near 68.21—approaching overbought but not signaling exhaustion. Meanwhile, the MACD shows strong upside momentum, with a wide bullish crossover and rising histogram bars.
Bitcoin price chart (Source: TradingView)
Bitcoin price volatility has expanded sharply, as seen in the widening Bollinger Bands. Price is currently near the upper band ($99,704), suggesting some pullback could occur if momentum stalls. However, continued consolidation above $97,700 would reinforce the breakout.
Bitcoin price chart (Source: TradingView)
From a broader view, the weekly chart shows BTC reclaiming the 0.236 Fibonacci retracement at $89,459, with upside potential toward the cycle high at $109,396 if bulls maintain control. The exponential moving averages (20/50/100/200) on the 4-hour chart also remain stacked in a bullish alignment, with the 20-EMA ($96,406) offering immediate dynamic support.
Bitcoin Price Forecast for May 9: Range Retest or $100K Breakout?
Heading into May 9, the Bitcoin price update suggests a critical test of short-term resilience. A daily close above $99,700 would confirm the breakout and pave the way for a psychological breach of $100,000. If that level is cleared, the next upside zones lie at $103,500 and $109,000 based on Fibonacci and previous weekly structure.
However, if BTC fails to hold $97,700 on a retest, the move could turn into a false breakout, exposing the asset to a drop toward $96,000 or even $94,500—both strong liquidity zones from earlier consolidation phases.
Until then, Bitcoin price spikes remain in play, but the next 24 hours will determine whether bulls can cement the breakout or face another rejection below six figures.
Bitcoin (BTC) Forecast Table – May 9 Outlook
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