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

1. **Institutional Fund 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, reaching a total scale of $112.7 billion, accounting for 8% of BTC circulation;

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

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

**Technical Analysis** shows $98,000-$99,500 as a key resistance range, and a breakthrough could challenge $100,000, but caution is needed regarding short-term pullback risks from high leverage (with $400 million liquidated in 24 hours) and regulatory uncertainties.