Bitcoin readies for parabolic run as BTC nears $100,000 
Cryptocurrency May 8, 2025 Share
Summary:
⚈ Bitcoin nears $100,000 after breaking key resistances and regaining strong uptrend
⚈ Bullish momentum aided by Trump policies and global instability like India-Pakistan
⚈ $100K may act as psychological resistance amid rising short positions and uncertainty
Late on May 7 and in the early hours of May 8, Bitcoin (BTC) rapidly advanced, adding more than $2,500 within hours.
At press time, it needs to rise a mere 0.41% – less than $500 from the current $99,593 value – more to hit the psychologically important $100,000 threshold.
BTC one-week price chart. Source: Finbold
The situation for the world’s premier cryptocurrency appears favorable for reaching the milestone. On Tuesday, May 6, it broke the downtrend, bouncing off the lows near $94,000 and thus regaining a powerful uptrend.
Why Bitcoin can smash above $100,000
External developments, which have been a dominant factor in BTC’s performance so far in 2025, also appear bullish for the asset. President Donald Trump unveiled a series of bullish catalysts for the stock market and has reignited investor optimism.
Bitcoin also has an opportunity to regain some of its reputation as a safe haven and has arguably already started making the effort. At least part of the upswing has been driven by the escalating India-Pakistan armed conflict.
The fact that BTC has broken through all three of its previous resistances—the ones near $97,800, $98,567, and $99,551—and that some cryptocurrency analysts, such as Michaël van de Poppe on X, have noted that long-term support is holding, reinforce the bullish outlook.
Higher timeframe support levels sustaining, which means a continuation on the price pattern of #Bitcoin.
$100,000 isn't 1-2 weeks away, it is probably 1-2 days away. pic.twitter.com/ADbeOUFLzf
— Michaël van de Poppe (@CryptoMichNL) May 8, 2025
In terms of where Bitcoin is headed, the lack of a clear plateau ahead makes predictions difficult, and a drive toward the previous all-time high (ATH) above $109,000 is plausible.
Why Bitcoin might not cross above $100,000
However, some potential limiting factors have emerged through the rally. To begin with, the $100,000 threshold remains ahead and could serve as a powerful psychological resistance before it is overcome.
Should BTC fail to rally above the level, a return to the previous range between roughly $94,000 and $97,000 is plausible due to previous patterns.
Traders also appear increasingly confident that even the press time price of $99,593 cannot be held, as short positions have become more numerous than the long bets, according to the data Finbold retrieved from Coinalyze on May 8.
BTC long/short ratio one-week chart. Source: Coinalyze
Interestingly, though the long/short ratio is close to its one-month lows and gives a reading of 0.819, the latest upsurge appears to have forced some bears to capitulate. It is yet to be confirmed if the slight drop results from growing confidence or a temporary disturbance due to forced liquidations.
Featured image via Shutterstock