#BTCBreaks99K .

1. Breakthrough Background and Current Price Performance

Key Resistance Breakthrough

Bitcoin successfully broke through the $99,000 mark today (May 8), reaching a high of $99,450, the first time since mid-April. Previously, BTC oscillated in the $97,000-$98,000 range for over a week, completing a power accumulation breakthrough after multiple tests of the resistance level.

Technical Resonance Signals

The 4-hour chart shows the Bollinger Bands expanding, the MACD red bars continuing to grow, and the RSI rising to 65 (not overbought), indicating sufficient short-term upward momentum.

On the daily chart, BTC has stabilized above the EMA7 ($96,252) and EMA30 ($95,587), forming a bullish arrangement.

After breaking through the key Fibonacci retracement level of $98,800 (1.618 extension from the low of $93,398), the technical indicators confirm the continuation of the upward trend.

2. Analysis of Driving Factors

Market Sentiment and Capital Inflow

Institutional Capital: BlackRock's Bitcoin ETF has seen net inflows for 17 consecutive days, with a single-day addition of 320 BTC (approximately $31.68 million), accumulating over $7 billion in inflows this year, indicating continued institutional accumulation.

On-chain Data: The net outflow of BTC from exchanges reached 42,000 coins/week, hitting a new high since December 2024, indicating an increase in long-term holders' proportion.

Macro Policy Catalysts

The Federal Reserve's May meeting maintained interest rates, and although Powell mentioned inflation risks, the market interpreted it as “neutral to dovish,” leading to a collective rebound in risk assets.

The U.S. OCC approved banks to directly engage in stablecoin business, enhancing the interoperability of cryptocurrencies and traditional finance, indirectly benefiting Bitcoin as a safe-haven asset known as “digital gold.”

challenge the $105,000-$112,000 range.