#BTCBackto100K
As of May 9, 2025, Bitcoin (BTC) has surged past the $100,000 mark, currently trading at approximately $102,739. This represents a significant recovery from its April low of around $74,434, marking a nearly 38% increase.
The recent rally is attributed to several factors, including positive sentiment from a new U.S.-U.K. trade agreement and potential progress in upcoming trade talks with China. Additionally, institutional investments, such as Fidelity's purchase of $35.3 million worth of Bitcoin, have boosted market confidence.
Technical indicators suggest bullish momentum, with the Relative Strength Index (RSI) above 70, indicating possible short-term overbought conditions. Analysts point to potential resistance near $107,000 and a projected upside target around $120,000 if the rally continues. Conversely, if the $100,000 level fails to hold, prices could retrace to around $92,000, where significant technical support lies.
The broader cryptocurrency market has also benefited, with the total market capitalization climbing above $3 trillion. Ethereum (ETH), for instance, has surged to $2,218, contributing to the overall market rally.
However, some caution is advised, as trading volumes on platforms like Coinbase have declined, possibly indicating cautious participation from major market players.
