On Friday, May 9, 2025, the price of Bitcoin (BTC) witnessed a significant increase, surpassing the $100,000 barrier for the first time since last February, and is currently trading near $102,700.

Current Technical Analysis

Potential Resistances: Analysis indicates strong resistance at the $106,500 and $107,000 levels. If these levels are exceeded, the price may target $120,000.

Major Support: The $100,000 level is considered important psychological and technical support. In the event of a correction, the price may decline to the $92,000–$95,000 range.

Relative Strength Index (RSI): The indicator shows readings above 70, indicating an overbought condition that could lead to a short-term correction.

Market Influencers

Institutional Investments: Digital asset investment funds saw $5.5 billion in inflows over the past three weeks, including $1.8 billion into Bitcoin products.

Political and Economic Developments: The announcement of a preliminary trade agreement between the United States and the United Kingdom boosted investor confidence, contributing to Bitcoin's rise.

Local Legislation: States such as Arizona and New Hampshire have passed laws allowing the holding of cryptocurrency reserves, reflecting growing support for cryptocurrencies at the local level.