As of May 9, 2025, the price of Bitcoin has surpassed $99,500, approaching the $100,000 mark, driven mainly by multiple positive factors:

1. **Institutional Inflow**: Institutions such as BlackRock and Fidelity continue to increase their Bitcoin holdings, with net inflows into spot ETFs exceeding $4 billion in a single week, bringing the total scale to $112.7 billion, accounting for 8% of BTC circulation;

2. **Policy and Macroeconomics**: The Federal Reserve maintains interest rates at 4.25%-4.5% but hints at possible rate cuts, while China's easing policies and US-China economic talks boost risk appetite. New Hampshire's legislative allocation of Bitcoin reserves sparks similar actions in multiple states;

3. **Geopolitical Safe-Haven Demand**: The escalation of the India-Pakistan conflict raises demand for safe-haven assets, reinforcing Bitcoin's status as “digital gold.”

**Technical analysis** indicates that the $98,000-$99,500 range is a key resistance area; once broken, it may challenge $100,000, but caution is warranted due to short-term pullback risks from high leverage (with $400 million liquidated in 24 hours) and regulatory uncertainties.