As of May 8, 2025, Bitcoin (BTC) has surpassed the $99,000 mark, trading at approximately $99,586 USD. This surge is attributed to several factors, including the Federal Reserve's decision to maintain interest rates between 4.25% and 4.50%, which has alleviated concerns about inflation and unemployment. Additionally, increased demand from exchange-traded funds (ETFs) and anticipation of the upcoming Bitcoin halving event are contributing to the bullish momentum.
Analysts suggest that Bitcoin is approaching a critical resistance level near $100,000. Should this barrier be breached, the next targets are identified at $101,800 and $104,000. Conversely, support is expected around $95,000.
On-chain data indicates that 86.6% of $BTC Bitcoin addresses are currently "in the money," with significant support below $95,000. However, resistance is noted between $95,634 and $98,490, where a cluster of addresses holds $BTC
BTC at these levels, potentially exerting selling pressure.
In summary, Bitcoin's recent price movement reflects a combination of favorable macroeconomic factors and strong institutional interest, positioning it to potentially reach new all-time highs in the near future.