🦉 Bitcoin Price Reclaims $100K For First Time Since January

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Since last week, Bitcoin has staged an impressive rally, with bulls firmly reclaiming control of the market. The bounce caught many traders off guard, especially as momentum across several timeframes had been signaling the potential for a pullback. 

This bearish sentiment led to a buildup of short positions, setting the stage for a classic short squeeze—where aggressive upward price action targets the stop-losses of those short, fueling even more upside.

Contributing to the bullish momentum was renewed market speculation following Donald Trump’s announcement of an upcoming major statement, adding a layer of FOMO that pushed prices higher.

From a technical standpoint, BTC has now moved into a position of strength. It is trading above the Point of Control (POC) of the recent range, through the golden pocket, and is currently approaching the 0.786 Fibonacci retracement level, which may act as near-term resistance. Despite the strong move, a pullback is increasingly likely in the coming days—but this would not necessarily signal weakness.

The key support level to watch is $93,500. As long as BTC holds this level on a retrace, the structure remains bullish. A dip to this area, followed by consolidation or a bounce, would indicate healthy market structure development, which is essential for sustainable upside. Should $93,500 fail to hold, the next area of interest lies near $91,000.

That said, the overall outlook remains constructive. A controlled pullback or consolidation above support would set the stage for another leg higher, possibly toward previous all-time highs and beyond. We are approaching the top of the current range, so reactions at the 0.786 level and the Value Area High (VAH) will be key in determining the short-term direction. From there, we can reassess the next steps.

In summary, Bitcoin is showing significant signs of strength, and while short-term cooling may be on the horizon, the broader trend continues to favor the bulls, so long as the 93,500 is held, even if lost it doesn't mean we are necessarily bearish, would just mean more consolidation is likely before another rally, but as of current price action, the ball is in the bulls court until proven otherwise.

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T’S HOOT’S OF ENLIGHTENMENT - BITCOIN SURGES OVER 100k💡

Bitcoin is surging today, May 8, 2025, reclaiming the $100,000 mark for the first time since February. This breakout is fueled by a combination of macroeconomic optimism, institutional inflows, and favorable market sentiment.

Key Drivers Behind Bitcoin’s Rally:

1. U.S.-U.K. Trade Deal Announcement

President Donald Trump announced a trade agreement with the United Kingdom, signaling potential easing of tariffs and boosting investor confidence.

2. Institutional Investment via Bitcoin ETFs

Spot Bitcoin ETFs have seen over $4 billion in net inflows in the past three weeks, indicating strong institutional demand.

3. Weaker U.S. Dollar and Falling Bond Yields

A declining dollar and lower bond yields have made Bitcoin more attractive as an alternative asset.

4. Bitcoin’s Market Dominance and Safe-Haven Appeal

Bitcoin’s market dominance has risen above 60%, suggesting investors are favoring it over altcoins as a “safe-haven” asset.

5. Analyst Upgrades and Bullish Forecasts

Standard Chartered revised its Q2 2025 Bitcoin price target from $120,000 to a higher figure, citing stronger-than-expected institutional demand.

As of now, Bitcoin is trading at approximately $101,100, up over 4.5% on the day. Analysts suggest that if current momentum continues, Bitcoin could test new highs in the coming weeks.

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