- Bitcoin has surged past $100,000, fueled by strong institutional demand and improving global economic sentiment.
- Analysts now eye a potential breakout toward a new all-time high above $109,000.
Bitcoin has officially entered six-figure territory, surging past the long-anticipated $100,000 mark and currently trading above $104,000. The landmark move has reignited bullish sentiment across the market, as investors and analysts alike begin to eye a potential retest of Bitcoin’s all-time high (ATH) of $109,588 set earlier this year.
A combination of macroeconomic and institutional tailwinds is fueling the rally. Key among them is the renewed optimism in US-China trade talks. Following recent negotiations in Switzerland, both nations have reported “substantial progress,” easing global economic uncertainty that had previously weighed on crypto markets.
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Adding further fuel to the fire, BlackRock’s spot Bitcoin ETF (IBIT) has notched a record-breaking 19-day inflow streak. With over $1 billion in inflows during the past week alone, institutional appetite for Bitcoin exposure shows no signs of slowing. Analysts believe this surge in demand from financial heavyweights like BlackRock lends crucial support to Bitcoin’s price foundation.
From a technical perspective, BTC/USD appears primed for more gains. The cryptocurrency is comfortably trading above its 20-day and 50-day moving averages, with strong support forming at $103,500 and psychological reinforcement at $100,000. Resistance levels loom at $105,000 and the ATH of $109,588. A decisive breakout above this zone could open the path to $130,000 in the coming months.
However, caution remains warranted. The Relative Strength Index (RSI) indicates overbought conditions, suggesting a short-term pullback may be on the horizon. Additionally, analysts are watching the May 13 U.S. CPI release closely, as any inflation surprises could shake market confidence.
Despite minor headwinds, the outlook remains bullish. As Bitcoin stands at the edge of a new price discovery phase, strategic risk management and diversification remain key for investors looking to navigate what could be a defining moment for crypto in 2025.