Bitcoin (BTC) has surged past $97,000 sparking excitement across the crypto market. This surge is potentially fueled by recent announcements from banking institutions led by Morgan Stanley (MS). 

The climb in the price of Bitcoin comes after several days of range-bound price movement between $93,000 and 95,700. However, top analyst @Ali_Charts has questioned whether the recent is an actual breakout or rather a deviation before a reversal. 

BTC’s Surge to $97,000 After Consolidation

May 2025 has kickstarted well for Bitcoin as the price soars past a key resistance zone around $95,700. As shared on X (formerly Twitter) by WatcherGuru, the pioneer crypto has significantly made a comeback to $97,000, rising as high as $97,300 before pulling back. 

As of this writing, data by Coinmarketcap shows that Bitcoin is trading at $97,074. The current price level shows a 3.18% surge on the day. Additionally, Bitcoin’s market cap has risen to $1.92 trillion. The 24-hour trading volume has also surged by 2.79% to $31.36 billion.

But what has sparked Bitcoin’s rally to $97,000? BTC’s rally on the day is highly attributed to the news that banking giant Morgan Stanley (MS) is planning to add crypto trading to E*Trade platform. Citing reliable sources, a Bloomberg report earlier on Thursday May 1, announced that the bank is holding internal discussions to add spot crypto trading to its portfolio. 

Furthermore, the report highlighted that Morgan Stanley “is considering partnering with one or multiple established crypto firms” to facilitate addition of the service to its E*Trade platform. Despite the potential launch set for 2026, this move by a major investment bank is underscoring the growing acceptance of Bitcoin and integration of cryptocurrencies into the traditional financial (TradFi) systems.

Breakout or Deviation? Analyst Raises Concerns

Upon its pump to $97,000, top crypto analyst @Ali_Charts has questioned the renaissance of Bitcoin. “Deviation or breakout to $97,500?” Ali remarked on a post on X. 

Deviation or breakout to $97,500? #Bitcoin $BTC pic.twitter.com/tHejQMeYqk

— Ali (@ali_charts) May 1, 2025

With Bitcoin breaking above the $95,700 resistance level, bullish momentum could spark a rally towards the next psychological resistance around $97,500. If this level is breached, BTC could reclaim $98,000 and potentially surge to the $100K level with potential for a new all-time high in May 2025. 

However, if Bitcoin fails to hold the current level, it could dip towards $95,000 making the recent surge a deviation – a false breakout to trap bulls. If that’s the case further decline can be experienced with continued consolidation between $93,000 and $95,500 more likely. 

According to a post on X on April 30, $97,530 serves as the key resistance level to watch. If the crypto king breaches this resistance, a new all-time high could be on the horizon. Market participants must thus keep watch of Bitcoin’s price performance for informed decision making.