Bitcoin (BTC) has surged past the $96,000 mark today, reaching approximately $96,669—a significant milestone that reflects strong bullish momentum in the crypto market. This uptick is part of a broader rally that has seen BTC climb nearly 30% since early April, driven by a combination of macroeconomic factors and institutional interest .
Key Factors Behind the Surge:
Institutional Accumulation: Major financial entities, including MicroStrategy, are acquiring more BTC than miners can produce monthly. This “synthetic halving” effect reduces available supply, potentially driving prices higher .
Economic Indicators: A contraction in U.S. GDP by 0.3% in Q1 has increased the likelihood of Federal Reserve rate cuts, with odds rising to 60% for a cut in June. Lower interest rates often make alternative assets like Bitcoin more attractive . 
Market Sentiment: The breach of the $96,000 resistance level is seen as a bullish signal, potentially paving the way for BTC to test the $100,000 threshold in the near future .
This development has also propelled the global cryptocurrency market capitalization back above $3 trillion, underscoring the renewed investor confidence in digital assets .
As Bitcoin continues its ascent, market participants are closely watching for sustained momentum that could lead to new all-time highs.
