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 such as BlackRock and Fidelity continue to increase their Bitcoin holdings, with weekly net inflows into spot ETFs exceeding $4 billion, 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 possible rate cuts, while China's easing policies and Sino-U.S. trade talks boost risk appetite, and New Hampshire's legislative allocation of Bitcoin reserves prompts imitation by multiple states;

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

**Technical Analysis** indicates that the $98,000-$99,500 range is a key resistance zone, and a breakout could challenge $100,000, but caution is required regarding the short-term correction risk due to high leverage (with $400 million in liquidations within 24 hours) and regulatory uncertainties.