This week, the price of Bitcoin showed a trend of rising first and then a slight pullback. At the beginning of the week, the price of Bitcoin fluctuated around 95,000. On May 5, it broke below 95,000, dropping 1.12% within 24 hours. Subsequently, driven by positive news, the price began to rise, breaking above 99,000 on May 8, with an increase of 2.55% in the past 24 hours. In the morning of May 9, the price of Bitcoin quickly climbed, breaking the 100,000 mark, with a daily increase of over 6%, reaching a new high since February, with the price once close to 104,000. However, by May 11, Bitcoin's price declined in the short term, falling below 104,000, with a daily decrease of 0.81%.
The rise is mainly attributed to the trade agreement reached between the US and the UK, which alleviated uncertainties related to tariffs and enhanced market risk appetite. At the same time, several state governments in the US have shown a friendly attitude towards Bitcoin. New Hampshire signed a bill to become the first state in the US to establish a state-level strategic Bitcoin and digital asset reserve. Arizona also passed related legislation allowing public funds to be invested in Bitcoin and digital assets, which has strengthened market confidence in Bitcoin. Additionally, institutional demand has increased, with total fund inflows for the US spot Bitcoin ETF nearing 600 million dollars as of Thursday, marking four consecutive weeks of inflows, providing support for Bitcoin's price.
Next week's trend forecast: From a technical indicator perspective, the Relative Strength Index (RSI) on the daily chart previously exceeded the overbought level of 70. Although it has retreated somewhat, it still shows certain bullish momentum. The Moving Average Convergence Divergence (MACD) indicator previously showed a bullish crossover during the week, issuing a buy signal, but as the price pulls back, the indicator may face adjustments.
From a news perspective, US-China trade negotiations are ongoing. If certain achievements can be made, it will further alleviate global trade tensions, which is beneficial for the price increase of risk assets like Bitcoin. However, if negotiations do not progress smoothly, it may trigger market risk aversion, leading to a decline in Bitcoin's price. Additionally, the crypto-related dinner event hosted by US President Trump may attract more attention. Any further supportive statements or actions regarding cryptocurrencies could have a positive impact on Bitcoin's price.
Overall, Bitcoin's price is expected to continue rising next week, but attention should be paid to the key resistance levels around 106,100 and 109,600. If these resistance levels can be broken, it may further rise to 120,000 or even higher!
$BTC Bitcoin strategy for May 12: 103,000-103,500 see, look at 150,000, then look at the key level of 106,100.
Currently in a volatile upward trend, pullbacks are also a good opportunity to take positions, but one should not be greedy, as the overall direction is still upward.#本周高光时刻 
