May 9, 2025

Bitcoin ($BTC) has surged back above the $100,000 mark, reigniting optimism across the crypto market as of May 8, 2025, at 3:22 PM UTC, according to recent reports. The flagship cryptocurrency climbed 4.2% from an intraday low of $95,967, marking its third breach of the six-figure threshold since first achieving it on December 5, 2024. The hashtag #BTCBackto100K is gaining traction, reflecting a renewed bullish sentiment among investors and traders. Here’s a real-time breakdown of Bitcoin’s latest milestone and what’s driving this rally.

$BTC/USD Price Action

As of 12:24 PM IST on May 9, 2025, $BTC/USD is trading at approximately $101,500, maintaining its position above the critical $100,000 level. Bitcoin’s market dominance has soared past 60%, a level not seen since early 2021, indicating a potential shift of capital away from altcoins.


Key technicals include:

  • Support Levels: $95,967 (recent intraday low) and $94,000 (a prior resistance zone now acting as support).

  • Resistance: $108,000, Bitcoin’s all-time high from January 2025, with Fibonacci extensions pointing to $131,000 as the next target, according to some analysts.

  • Momentum: The breakout above a bull pennant pattern on hourly charts suggests further upside, with a potential target near $100,900 already surpassed.


What’s Fueling the Rally?


Several factors are propelling Bitcoin’s return to $100,000:

  • Institutional Inflows: Spot Bitcoin ETFs have seen significant inflows, with real money entering the market rather than being offset by basis trades, as noted by analysts. Institutional ownership reports due next week are expected to confirm increased allocations.

  • Macroeconomic Tailwinds: A potential U.S.-UK trade deal hinted at by President Trump on May 7 has bolstered risk-on sentiment. A weakening U.S. dollar, at its lowest since March 2022, enhances Bitcoin’s appeal as a hedge.

  • Network Strength: Bitcoin’s realized cap hit a record $891 billion on May 7, reflecting sustained capital inflows since October 2023. This indicates growing investor conviction in Bitcoin’s long-term potential.

  • Market Sentiment: The crypto community is buzzing with optimism, with some posts on social media platforms noting an “empty order book” above $100,000, suggesting minimal resistance to further gains. Analysts predict targets as high as $147,000 if historical patterns hold.


What’s Next for Bitcoin?

Bitcoin’s break above $100,000 has sparked speculation of a new bull cycle. Analysts point to a “textbook perfect” bump-and-run reversal pattern playing out, similar to past cycles that led to significant rallies. If BTC sustains above $100,000, the next resistance at $108,000 could be tested soon, with some projecting $131,000 by summer.


However, concerns linger:

  • Profit-Taking: Long-term and short-term holders have been locking in profits at $1 billion daily, which could trigger a pullback.

  • Macro Risks: Ongoing U.S. tariff debates or a global economic slowdown might cap gains.

  • Altcoin Pressure: Bitcoin’s rising dominance may divert capital from altcoins, potentially delaying an “altcoin season.”

A Milestone Moment

The #BTCBackto100K #BTCBackto100K cores Bitcoin’s growing legitimacy as a store of value, especially amidst geopolitical tensions and a weakening dollar. With gold also performing strongly, Bitcoin’s correlation as an economic hedge is gaining traction. As institutional adoption and global regulation progress, Bitcoin’s path to higher levels looks increasingly plausible. Will it hold above $100,000 this time? The market is watching closely.

#BTCBackto100K