As of early May 2025, the price of Bitcoin (BTC) has exceeded $96,000, approaching the key $100,000 mark. Benefiting from Morgan Stanley opening spot trading and continuous institutional accumulation, market sentiment for Bitcoin is leaning towards optimism. Technically, BTC has broken through the descending channel, but trading volume appears slightly insufficient, indicating potential fluctuations in the short term. On the macro front, U.S. non-farm payroll data may become the next focus for the market. Overall, Bitcoin remains in a strong upward cycle and is worth continuous attention.