As of May 3, 2025, Bitcoin is bullish technically after breaking the resistance level of $96,000. The MACD indicator supports the upward trend, with a short-term target pointing to $98,500. If momentum continues, it may challenge the $100,000 mark, with support levels to watch in the $95,500-$96,000 range. On the macroeconomic front, weak non-farm data may drive expectations for a rate cut by the Federal Reserve, combined with fluctuations in geopolitical tariff policies, which may stimulate funds to shift towards Bitcoin as a safe haven. In market sentiment, the surge in CME futures positions reflects increased institutional participation, but ETF inflows still appear weak. On-chain demand has improved (with small holders increasing by 3.2%), but large institutional purchases have not fully recovered. In the short term, caution is needed regarding profit-taking pressure triggered by resistance around $98,000; if support is broken, it may pull back below $94,500. A negative funding rate may indicate a bullish reversal, but high leverage risks should be guarded against. It is expected that on May 4, Bitcoin will fluctuate around $96,000, and if it holds above $96,500, it may test $100,000. A pullback to the support zone can be seen as a short-term buying opportunity. In the long term, institutions remain optimistic about a $120,000 target in the second quarter, but risks from policy and macro data disturbances remain. Investors need to closely monitor changes in volume and key levels, responding flexibly to high-level volatility.