Bitcoin Price Analysis: Is $100K Inevitable After Recent Breakout?

Bitcoin has pulled off a clean breakout above the $92,000 resistance level after consolidating through most of April. The asset reclaimed its 200-day moving average around the $89,000 level, which now acts as strong support near $88,000. Technical indicators on the 4-hour chart, including high volume and an RSI briefly spiking above 70, suggest a healthy continuation pattern as Bitcoin forms a tight consolidation above the breakout zone. On-chain analysis, particularly a sharp bounce in the Net Unrealized Profit/Loss (NUPL) metric, indicates that holders are sitting on significant unrealized profits and are less likely to sell aggressively. These factors collectively point to a bullish sentiment with expectations that Bitcoin may continue its upward momentum toward the $100K resistance level in the coming weeks.