On May 8, 2025, the price of Bitcoin surpassed $99,000, approaching the historical milestone of $100,000, with market sentiment surging. This round of increase is driven by multiple factors: the Federal Reserve maintaining interest rates, delaying expectations for rate cuts, coupled with the continuous capital inflow into Bitcoin spot ETFs, with a net inflow of $142 million in a single day, and total net assets exceeding $112.7 billion, showing a significant trend of institutional capital entering the market. Additionally, the escalation of conflict between India and Pakistan has led to a surge in demand for safe havens, and the narrative of Bitcoin as 'digital gold' is heating up again, though controversies remain.

From a technical perspective, Bitcoin has formed a dense liquidity pool in the $98,000-$99,500 range, with long-term holders showing significant selling pressure near $99,900. If it breaks through, it could trigger FOMO sentiment, pushing the price to challenge $100,000. However, behind the market euphoria, risks are brewing: over 100,000 people were liquidated in the past 24 hours, and leverage risks are escalating; if the U.S. 'GENIUS Act' is passed, it may accelerate the entry of traditional institutions, but the uncertainty of the regulatory framework may still reverse market sentiment.

Despite Bitcoin's accelerating move towards mainstream asset status, its high volatility and policy competition remain short-term challenges. If it stabilizes above $100,000, it could usher in a new round of crypto bull market; conversely, there is also a possibility of a pullback to the $90,000 range for consolidation. #BTC突破99K