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

1. **Institutional Capital Inflow**: Institutions like 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 potential rate cuts, while China's easing policies and US-China economic talks boost risk appetite, and New Hampshire's legislative allocation of Bitcoin reserves sparks imitation in multiple states;

3. **Geopolitical Risk Aversion Demand**: The escalation of the India-Pakistan conflict increases demand for safe-haven assets, reinforcing Bitcoin's status as 'digital gold.'

**Technical Analysis** indicates that $98,000-$99,500 is a key resistance range; if broken, it may challenge $100,000, but one must be cautious of short-term pullback risks due to high leverage (with $400 million in liquidations over 24 hours) and regulatory uncertainties.