As of May 8, 2025, Bitcoin (BTC) is trading at $99,807, marking a 2.83% increase over the past 24 hours. The cryptocurrency reached an intraday high of $99,871 and a low of $95,959, edging closer to the significant $100,000 milestone.
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🚀 Key Drivers Behind Bitcoin's Surge
U.S.-UK Trade Agreement: President Donald Trump's announcement of a comprehensive trade deal with the United Kingdom has bolstered investor confidence, enhancing global risk appetite and positively impacting risk assets like Bitcoin.
Federal Reserve's Interest Rate Decision: The Federal Reserve's choice to maintain interest rates between 4.25% and 4.50% has alleviated concerns about aggressive monetary tightening, providing a favorable environment for cryptocurrencies.
Institutional Investment: There has been a notable increase in institutional interest, with U.S.-based Bitcoin ETFs experiencing net inflows of $142 million. Additionally, a previously inactive whale investor re-entered the market, purchasing 100 BTC valued at approximately $9.78 million.
Technical Indicators: Bitcoin's Relative Strength Index (RSI) stands at 72, indicating strong bullish momentum. Trading volumes have surged, with Binance reporting $1.2 billion in BTC spot trading within a two-hour window.
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📈 Market Outlook
Analysts suggest that if Bitcoin surpasses the $100,000 threshold, it could pave the way for further gains, potentially targeting the previous all-time high of $109,000. The current market sentiment is optimistic, fueled by macroeconomic stability and increased institutional participation.
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