BTC Price Rebounds From $93K Low and Sets Up for $97K Resistance Test

Bitcoin has broken a falling wedge with a move above $94400 which signals a new bullish setup.

The chart shows a price path pointing toward $97000 if buyers hold control above current support.

Resistance remains near $96200 and $97000 which must break soon for BTC to reach a higher zone.

Bitcoin has broken out of a falling wedge pattern on the 1-hour chart, now trading at $94,869.99 with signs of bullish continuation. The breakout follows several days of consolidation between $93,000 and $94,400. A potential rally toward $97,000 is now in focus if momentum sustains above current levels.

Source: X Falling Wedge Breakout Triggers Short-Term Bullish Sentiment

Between May 2 and May 6, Bitcoin traded inside a falling wedge, a pattern typically associated with bullish reversal outcomes. The price dipped to a low near $93,050 before rebounding to breach the upper trendline. The breakout occurred with a clean close above $94,400, suggesting buyers regained short-term control.

Volume during the breakout was consistent with accumulation behavior observed in previous sessions. Price action formed higher lows before the wedge pattern was invalidated. Once broken, Bitcoin quickly climbed above the $94,800 level, aligning with the historical resistance zone from earlier in the week.

The black path on the chart projects a smooth upward curve toward the $97,000 area. The pattern implies that sellers may have exhausted their efforts during the consolidation. If Bitcoin remains above the wedge’s upper line, the projected move may complete within the next few trading days.

Key Resistance Levels Between $96,200 and $97,000

While Bitcoin has successfully breached the wedge, resistance lies just ahead between $96,200 and $97,000. This zone has acted as a ceiling on multiple occasions in the last 10 days. Any breakout must clear this area on increased volume for confirmation.

The last attempt to push past $97,000 was rejected on May 1, leading to the recent downtrend. That level now represents an important inflection point. If bulls reclaim it, the market may experience a short squeeze or upward continuation toward $98,500.

Traders are watching for confirmation candles above $95,400, a level where previous momentum was lost. If that level holds, it strengthens the probability of a breakout extension. Otherwise, a return to consolidation could delay further upside.

Is Bitcoin Setting Up for a New Weekly High?

With the recent move out of the wedge, a new weekly high appears possible if the structure continues upward. The market now looks to the $97,000 barrier as the next step. Traders will monitor whether BTC can flip that level into support.

The hourly chart supports a bullish thesis, showing clean breaks of lower highs with controlled volume patterns. This setup is ideal for gradual rallies rather than sharp pumps. Bitcoin needs to hold above $94,800 to sustain this pace.

The question remains whether the breakout will drive enough momentum to surpass last week’s high. If it does, Bitcoin may reclaim its short-term bullish structure. All eyes are now on the resistance above as Bitcoin attempts to build on this move.