$BTC Update 💥🚀

Bitcoin (BTC) has reclaimed the $100,000 threshold, signaling a robust bullish trend in the current market. As of May 9, 2025, BTC is trading around $103,924, marking a significant recovery from its April low of approximately $74,000. 

Technical indicators underscore this upward momentum. The Relative Strength Index (RSI) is above 70, indicating overbought conditions, which may suggest a potential short-term correction. However, the Moving Average Convergence Divergence (MACD) remains bullish, and BTC is trading above its 50-day and 200-day moving averages, reinforcing the positive trend. 

Key resistance levels to monitor are at $106,500 and the previous all-time high of $109,225. A decisive break above these could pave the way toward the projected target of $120,000. Conversely, support levels are established at $100,000 and $92,000; a drop below these could signal a deeper retracement. 

Market sentiment is bolstered by institutional investments, with $5.3 billion flowing into spot Bitcoin ETFs over the past three weeks. Additionally, geopolitical developments, such as the U.S.-UK trade agreement, have enhanced investor confidence, contributing to the rally.  

While the medium-term outlook remains optimistic, traders should remain vigilant for potential volatility and consider these technical levels in their strategies.