Bitcoin has crossed the $100K threshold, fueled by ETF inflows, bullish technicals, and reawakened whale activity. BTC hit a high of $103,513 with strong institutional backing and a vibrant derivatives market. Technical indicators suggest potential for a push toward $120K, although some short-term consolidation is likely. Overall market sentiment remains decisively bullish.
As of May 9, 2025, Bitcoin (BTC) has surged above the critical $100,000 level and reached a daily high of $103,513, Bitcoin is currently trading around $102,742. The rally represents a 23.34% gain for the month, fueled by impressive macro sentiment, substantial ETF inflows, renewed whale activity, and a very active derivatives market.
The global crypto market cap stands at $3.02 trillion, up 1.55% in the last 24 hours, which suggests confidence in the market for both institutions and retail players.
BTC’s Daily Relative Strength Index (RSI) of 73.51 puts it squarely in overbought territory. This does lead to consolidation in the short term, but the RSI for BTC is still in strong momentum.
The Key moving averages are now all aligned upward, and the BTC price is comfortably above all the major EMAs. The 200-EMA at $86,840 also acts as long-term support.
The resistance is sitting at the $109,190 level where BTC tested last during its November 2021 peak. Support is firm at $98,000, and attempting to consolidate above that level would allow for a re-test of $115K - $120K in the coming weeks.
If the bulls maintain control, a weekly close above $103K could establish a new price range.
Investor optimism increased this week after former President Donald Trump released a major trade agreement with the United Kingdom. With the potential de-escalation of tensions over the trade talks between China and the U.S., the world's risk appetite also increased. This has positively impacted risk-on assets, including Bitcoin, as investors search for hedges against traditional market uneasiness.
According to Avinash Shekhar, CEO of Pi42, “The volatility in Bitcoin’s strong recovery and the bounce back of altcoins demonstrate how in-tune the market is with macroeconomic changes… While we expect continued volatility at these prices, it is expected to be more bullish.”
Perhaps the biggest driver of Bitcoin’s current momentum is institutional capital flooding into spot Bitcoin ETFs. On May 8, $117.46 million in total net outflows for ETFs, led by:
BlackRock IBIT ETF: $69 million daily inflow ($44.35 billion total historical inflows)
Fidelity FBTC ETF: $35.34 million daily inflow ($11.67 billion total historical inflows)
The total net asset value of Bitcoin spot ETFs is now $118.66 billion, or about 5.82% of Bitcoin's total market capitalization, a historical high. This indicates not just growing institutional interest, but a sustained belief in Bitcoin as a long-term store of value.
Giving more insights into the current scenario, Pankaj Balani, Co-Founder and CEO, Delta Exchange, shared that Bitcoin bounced back, buoyed by the Fed's decision to maintain steady interest rates. “BTC has been inching closer to the $100,000 mark, breaking free from a weeks-long period of consolidation that had kept traders on the edge. The U.S. crypto landscape, invigorated by recent regulatory advancements and a wave of corporate enthusiasm, provides a fertile backdrop for this ascent. We have seen record flows in the spot ETF and significant corporate investments following in the footsteps of MicroStrategy,” he explained.
Pankaj Balani further added, “On Delta Exchange, the Put/Call Ratio (PCR) for Bitcoin’s weekly options is sitting around 2.3. This has been driven by significant writing on the downside. There has also been unwinding in the upside calls. Overall, the data suggests that Bitcoin might be setting up for another strong push here. The next hurdle for Bitcoin is $107,000 beyond which we might see Bitcoin making a new ATH.”
In an astonishing turn of events, a whale wallet that had been dormant for over 12 years suddenly moved 1,079 BTC (around $109 million) to the Gemini exchange just hours after Bitcoin broke through the $100K level in what could be a profit-taking event or strategic repositioning.
Transfers of this magnitude are often considered liquidity events or sentiment indicators and often have psychological impacts on market participants. While large transfers often raise sell pressure concerns, they also show that early Bitcoin holders are re-engaged and ready to participate in this cycle's returns.
Bitcoin derivatives activity has increased significantly, as measured by the 24-hour volume, which increased 34.56% to $136.12 billion, with options volume growing nearly 49% to $ 7.65 billion. Open interest also grew, and Binance traders are showing a strong long bias as evidenced by a 1.66 ratio. Over $341M in shorts were liquidated, indicating an overall bullish sentiment. A positive funding rate also confirms the overall long positioning in the market.
The total weighted long/short ratio currently is 1.0597, which indicates a slight bullish positioning overall. However, Binance positions indicate a much larger long bias at 1.6639, indicating strong bullish sentiment from large traders.
With Bitcoin breaking major psychological and technical resistance levels, analysts are now eyeing $109K and then $120K as key upside targets. Market sentiment is increasingly bullish, supported by:
Strong ETF demand
Renewed whale and institutional participation
Bullish on-chain metrics and derivatives data
Positive macroeconomic backdrop
However, given the current RSI and the scale of recent gains, short-term consolidation or minor corrections are likely before the next leg up.
Bitcoin’s break above $100,000 is more than a milestone, it’s a signal that institutional crypto adoption, once hypothetical, is now a major force. With spot ETFs absorbing billions in inflows and dormant whales rejoining the game, BTC’s bullish trajectory appears well supported.
Yet, with global economic uncertainty still looming, volatility will remain a feature of the crypto market. Traders and investors should stay vigilant, manage risk, and monitor technical levels closely as Bitcoin marches toward its next major challenge.