$BTC

As of May 9, 2025, Bitcoin (BTC) is trading at approximately $103,978, marking a significant rebound and surpassing the psychological $100,000 level for the first time since early February. This surge is attributed to positive developments such as a new U.S.-U.K. trade agreement and optimism surrounding upcoming trade talks with China .

Technical Analysis:

Resistance Levels: Bitcoin faces immediate resistance around $107,000, corresponding to previous peaks. A successful breach could pave the way toward the all-time high of $109,000 and potentially extend to $120,000 if bullish momentum persists .

Support Levels: The $100,000 mark now serves as a crucial support. A failure to maintain this level may lead to a retracement toward $92,000, aligning with the upward-sloping 200-day moving average and historical trendlines .

Indicators: The Relative Strength Index (RSI) is above 70, indicating overbought conditions and potential for short-term profit-taking. However, the Moving Average Convergence Divergence (MACD) shows a bullish crossover, suggesting sustained buying pressure .

Market Sentiment:

Trading volume on Binance has spiked by 18% in the last 24 hours, reaching approximately 250,000 BTC traded, signaling heightened market interest . Additionally, on-chain data indicates a 12% increase in Bitcoin wallet addresses holding over 1 BTC, reflecting growing accumulation among investors .

Outlook:

While the current trend is bullish, traders should exercise caution due to overbought RSI levels and the possibility of short-term corrections. Monitoring key support and resistance levels, along with macroeconomic developments, will be essential in navigating the market's next moves.