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

1. **Institutional Inflows**: Institutions like BlackRock and Fidelity continue to increase their Bitcoin holdings, with a weekly net inflow into spot ETFs exceeding $4 billion, bringing the total scale to $112.7 billion, accounting 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 Sino-American trade talks boost risk appetite. New Hampshire's legislative allocation of Bitcoin reserves has sparked similar actions in multiple states;

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

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