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

1. **Institutional Inflows**: Institutions like BlackRock and Fidelity continue to increase their holdings in Bitcoin, with a weekly net inflow of over $4 billion into spot ETFs, bringing the total size to $112.7 billion, which accounts for 8% of BTC circulation;

2. **Policies 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 trade talks boost risk appetite. New Hampshire's legislative allocation of Bitcoin reserves sparks imitation in multiple states;

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

**Technical Analysis** indicates that the $98,000-$99,500 range is a key resistance zone; a breakthrough may challenge $100,000, but caution is needed regarding short-term pullback risks due to high leverage (with $400 million liquidated in 24 hours) and regulatory uncertainties.