Bitcoin price reclaims $100K for first time since January
Bitcoin has surpassed the $100,000 price level for the first time since January, reaching this milestone on May 8 with a 4.2% increase from an intraday low of $95,967. This marks the third occasion Bitcoin has crossed the six-figure threshold since first achieving it on December 5, 2024. Bitcoin's market dominance has risen above 60%, contrasting with previous breakthroughs when it was below this level. The recent price surge is attributed to political, institutional, and macroeconomic factors, including a potential US-UK trade deal and falling bond yields. Institutional inflows into Bitcoin exchange-traded funds have also contributed, with $1.8 billion recorded in the past week. Upcoming US economic data will be crucial in determining Bitcoin's ability to maintain its position above $100,000. Analysts suggest a possibility of Bitcoin reaching new highs above $110,000, with expectations of continued growth influenced by global crypto regulation and strategic reserve initiatives.
