The price of Bitcoin (BTC) fell 4.3 percent in the last 3 days after nearly touching US$ 97,900 on May 2. Although it managed to hold around US$ 94,000 on May 5, many traders began to doubt as the upward momentum seemed to be weakening.
However, behind this decline, there are several positive signals indicating that the opportunity to reach a new price record in 2025 is still wide open.
According to cointelegraph.com, one important indicator is Bitcoin's dominance in the crypto market. Currently, Bitcoin controls 70 percent of the market share, the highest since January 2021. This occurs despite the emergence of many new tokens, such as SUI, TON, TAO, and others. This dominance indicates that investors have more confidence in Bitcoin compared to more risky crypto assets.
Moreover, the flow of funds from large institutions continues to flow. From April 22 to May 2, Bitcoin ETF products recorded an inflow of US$ 4.5 billion. Meanwhile, interest in Bitcoin futures has also increased.
Data shows that the total open positions (open interest) reached more than 669,000 BTC, up 21 percent since March. In fact, the value of positions on the CME exchange alone has exceeded US$ 13.5 billion, reflecting strong interest from institutional investors.
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Even so, there are several factors that make it difficult for Bitcoin to break through US$ 100,000. One of them is the disappointment over the slow follow-up of the Strategic Bitcoin Reserve Bill announced by the U.S. government in March.
So far, there has been no clarity regarding Bitcoin ownership by the state or plans for future purchases. On the other hand, similar efforts at the state level, such as in Arizona, have also been unsuccessful.
In the midst of global uncertainty, investors are now tending to choose assets that are considered safer. Over the past three months, the price of gold has risen 16 percent, while Bitcoin has actually fallen 5 percent and the S&P 500 index has corrected 6.5 percent. This raises questions about whether Bitcoin can still be considered an asset unaffected by traditional markets.
Nevertheless, good news comes from Michael Saylor's Strategy company. On May 5, they announced the purchase of 1,895 BTC after doubling their funding plan to US$ 84 billion.
For Bitcoin to break a new record, investors are likely still waiting for certainty regarding the trade relationship between the United States and China, as well as global economic policies. However, for now, the foundation for an increase remains solid.