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

1. **Institutional funds pouring in**: Institutions like BlackRock and Fidelity continue to increase their Bitcoin holdings, with a weekly net inflow for spot ETFs exceeding $4 billion, bringing the total size 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 signals a possible rate cut; China's easing policies and U.S.-China trade talks boost risk appetite, and New Hampshire's legislative move to allocate Bitcoin reserves sparks imitation from multiple states;

3. **Geopolitical risk aversion**: The escalation of the India-Pakistan conflict increases demand for safe-haven assets, reinforcing Bitcoin's property as “digital gold.”

**Technical analysis** shows that $98,000-$99,500 is a key resistance range; once broken, it could challenge $100,000, but caution is needed due to the short-term correction risks caused by high leverage (with $400 million liquidated in 24 hours) and regulatory uncertainties.